State earned about $158 million from leases and royalties in 2012
By Summit Voice
SUMMIT COUNTY — Even without auctioning off contested parcels near national park lands and in the North Fork Valley, the Bureau of Land Management’s Feb. 14 oil and gas leasing sale netted $2.1 million for 68,897 acres, including rentals and fees. The highest per-acre price was for a 80-acre parcel in Bent County was sold to Martin Oil and Gas, in Uniontown PA for $300 per acre.
Colorado’s share is 49 percent, with rest of the revenue going to the federal government. Royalties, rentals and bonus bid sales yielded more that $158 million for Colorado in 2012. According to the BLM, there are about 4.2 million acres of public mineral estate leased for oil and natural gas development, generating more than $6.5 billion in direct economic benefits in 2011, and approximately $9.5 billion in total economic impacts.
A lease is the first step for a company or individual before eventually applying to develop and produce oil and gas from the BLM-managed public mineral estate. Additional planning, site-specific environmental analysis and public input occurs before drilling begins.