Petrogas Co. Inc. purchased 161 acres of oil and gas leasehold in Colorado through a Bureau of Land Management (BLM) government auction, according to a Jan. 18 press release.
The leases in Lincoln County, Colo., are on a 10-year primary term, and Petrogas will pay 12.5% in royalties to the government once production begins.
Huang Yu, CEO of Petrogas, said these are the company’s first leases in Colorado.
The U.S. Geological Survey discovered this past June that Colorado has 40x more technically recoverable natural gas resources than previously estimated, the press release said.
Recommended Reading
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2024-01-26 - The oil and gas rig count, an early indicator of future output, rose by one to 621 in the week to Jan. 26.
Second Light Oil Discovery in Mopane-1X Well
2024-01-26 - Galp Energia's Avo-2 target in the Mopane-1X well offshore Namibia delivers second significant column of light oil.
E&P Highlights: Jan. 29, 2024
2024-01-29 - Here’s a roundup of the latest E&P headlines, including activity at the Ichthys Field offshore Australia and new contract awards.
Seadrill Awarded $97.5 Million in Drillship Contracts
2024-01-30 - Seadrill will also resume management services for its West Auriga drillship earlier than anticipated.
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.