BLM auction sells 2 Colorado oil and gas parcels for over $500,000 | SkyHiNews.com

BLM auction sells 2 Colorado oil and gas parcels for over $500,000

DENVER (AP) – The Bureau of Land Management has sold two parcels in northwest Colorado for over $500,000 at its quarterly oil and gas lease auction.

Both parcels that were up for bid Thursday are in Rio Blanco County. They cover about 1,600 acres, or about 2.5 square miles.

Officials say the leases were sold to Windsor-based Treasure Resources for $390 per acre.

Colorado receives 49 percent of the proceeds from the sale while the remainder goes to the federal government. Officials say the state received almost $230 million last year from the sale of federal minerals.

Initially, 12 parcels in Rio Blanco and Garfield counties were going to be available for bidding, but officials are deferring leases on 10 of those so they can review them further.

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