Museum of Northwest Colorado approves $16K mineral lease
Craig — The Museum of Northwest Colorado will receive $16,000 from a mineral lease approved this month to Three Crown Petroleum, LLC.
The museum leased 320 acres in western Moffat County to the oil and gas company at a price of $50 per acre for five years. If the site produces oil or gas, the museum will receive a 3/16 or 18.75 percent royalty rate.
“This is only the third lease the county’s done in the last year or so and prices aren’t even comparable to what they were in 2010 and 2011,” said Moffat County Natural Resources Director Jeff Comstock, who presented the lease to Moffat County Commissioners Tuesday on behalf of the museum.
“Back then, we were getting hundreds of dollars an acre,” he added. “There’s no competition now and we did best we could with $50 an acre.”
Comstock mentioned at Tuesday’s meeting that the company was pressing for a price of $32 per acre, but county and museum officials were able to keep the price at $50.