- Cathy Proctor – Reporter – Denver Business Journal – 1/27/12
ConocoPhillips has signed a tentative agreement with the Colorado State Land Board to lease oil and natural gas mineral rights at the old Lowry bombing range east of Aurora for $137 million, or about $6,500 per acre, plus a royalty, land board director Bill Ryan said Friday.
If the deal closes, it will be the biggest per-acre mineral lease price ever for the state land board. The deal — for rights on 21,048 acres — is expected to close in early April.
The lease is the latest reflection of energy-industry excitement over the promising Niobrara play of northern Colorado. Energy companies have said the Niobrara could produce more than 1 billion barrels of oil.