ConocoPhillips to lease oil and gas rights at Lowry for $137M

On January 27, 2012 — No comments

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.

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