Roan Plateau oil and gas auction snags $114 million
Story By: Bea Karnes
Source: AP
A controversial auction of federal oil and gas leases on Colorado's Roan Plateau has set a state record for revenue.
Preliminary results show the Bureau of Land Management sale Thursday generated at least $114 million, a record for the agency's Colorado office. The estimate doesn't include one-time
rental payments of $125 an acre.
The BLM sold drilling rights on 31 parcels covering more than 55,000 acres on the natural-gas rich landmark in western Colorado. The energy industry says the sale was long overdue.
Environmentalists call it a travesty, saying drilling could damage a mecca for wildlife, hunting and angling.
A 2,100-acre parcel drew the highest offer at $11,800 per acre, the second-highest bid ever made on federal land in Colorado. The highest was $26,000 an acre last November near the Roan.
