he Colorado State Land Board’s latest oil and gas lease auction has set a state record for per-acre bid prices.
Results posted online for the State Land Board’s auction Aug. 18 show Contex Energy Co. bid $5,850 per acre for a 320-acre parcel in Weld County, which amounts to $1.87 million for the tract. That tops the bid of $4,550 per acre that Colorado Energy Minerals Inc. made for a 320-acre tract in Weld County in May.
A representative for Contex Energy didn’t return phone messages seeking comment.
The August auction raised a total of $18.2 million.
The State Land Board’s next quarterly auction is set for Nov. 17.