Colo. Gives Thumbs Up To $137M ConocoPhillips Energy Lease

Law360, New York (March 5, 2012, 6:53 PM EST) -- The Colorado State Board of Land Commissioners on Friday unanimously approved a $137 million deal with ConocoPhillips, praising the company's environmental record and clearing the way for it to begin developing oil and gas resources under 21,000 acres of state land near Denver.

In addition to the $137 million — which the Land Board said Friday is the highest per-acre mineral lease price in its history — ConocoPhillips will pay a 20 percent royalty on what it extracts from its leased section of the Lowry Range,...
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