Wyoming Range Legacy Act: Leaseholders Can Cash Out
Monday, June 29, 2009
CHEYENNE, Wyo. – Oil and gas leaseholders are cashing out leases on the Rocky Mountain Front in Montana. Recently, two companies voluntarily sold their leasing rights, and now a total of 83,000 acres on that front have been retired from development. A law that protects the Rocky Mountain Front allows the sales, and the scenario is being eyed in Wyoming, because the new Wyoming Range Legacy Act contains the same provision.
Steff Kessler, Wyoming program manager with The Wilderness Society, says the two ranges are similar in many ways. Because both offer world-class hunting and recreation, the lease sales should naturally follow.
"It sends a tremendous message to us in Wyoming that this is going to be an opportunity in our state, as well."
Some concerns have been raised that retiring the leases might not be the right thing to do if more domestic oil or gas production is needed in the future. However, Kessler says developers are not being forced to sell their leases, and those who do sell see it as a good business decision.
"Leaseholders now have a good option to get a very good price for their lease, and they also know that it is not going to be sold to a competitor who will then go back on the market with it."
Kessler says no taxpayer money is used to buy the leases; instead, money comes from private donors. Funds are being collected in Wyoming to buy leases on about 75,000 acres on the Wyoming Range.
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