Larimer County has accredited a lease permitting Extraction Oil and Fuel to horizontally drill beneath the Little Thompson Farm, a preserved property south of Berthoud that’s at the moment and can stay a working farm.
This web site, if drilled, will represent the primary oil manufacturing on any preserved open house owned by Larimer County — acres which have seen many firsts, from pioneers traversing and settling the land to a water-sharing settlement in 2017.
The county will obtain $594,243 for the correct to drill on the property for the subsequent three years, then 20 % of any income from that manufacturing. All of that cash will go towards paying off a mortgage for a portion of the $eight.four million buy worth of the land, previously referred to as the Malchow farm.
However the settlement is about far more than cash, famous officers with the Larimer County Division of Pure Sources, which owns the property.
Charlie Johnson, the senior land agent who negotiated the deal, mentioned the largest precedence was to barter a lease that may stop any wells or drilling infrastructure on the farm.
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