Denver (AP) A U.S. Bureau of Land management auction of oil and gas leases in Colorado netted less than $250,000, possibly reflecting a decline in the price of natural gas.
The Denver auction of 11,257 acres came after the BLM and the U.S. Forest Service withdrew most of the 130,000 acres originally intended for sale after environmental groups applied pressure.
Nevada-based Yates Petroleum Corp. made the highest bid of $80,000 for an 800-acre parcel of land in Routt County in northwest Colorado.
By contrast, an August auction of nearly 55,000 acres in the roan plateau netted $114 million, the largest sale in the Blm’s history.
BLM spokesman James sample says Colorado will split the proceeds of today’s sale with the federal government.
Post Your Comments