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DENVER—A Montana company has turned in the winning bid for an oil and gas lease on an 820-acre parcel in the Bureau of Land Management’s quarterly auction in Colorado.
The BLM says Retamco Operating Inc. in Red Lodge, Mont., offered the winning bid of $2 per acre Thursday for the parcel in Rio Blanco County in northwest Colorado. The sale brought in a total of $3,018 including rent and fees.
Colorado will receive 49 percent of the proceeds of the sale, with the rest going to the federal government.
The company would have to go through an environmental analysis of what it plans to do with the lease before it can drill there.
