DENVER—The Colorado State Land Board’s latest oil and gas lease auction has set a state record for per-acre bid prices.
Results from 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.
State Land Board spokeswoman Melissa Yoder said Tuesday the tract that drew the record bid is part of the Niobrara play that has drawn strong interest from the energy industry. It recently had a non-development lease removed from it.
The August auction raised a total of $18.2 million. The next quarterly auction is Nov. 17.