AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BRIGHTON, COLORADO APPROVING AN OIL AND GAS LEASE (NO SURFACE OCCUPANCY) WITH PETRO OPERATING COMPANY, LLC +/- 61.1902 NET MINERAL ACRES IN CERTAIN PORTIONS OF SECTION 10 TOWNSHIP 1 SOUTH, RANGE 66 WEST OF THE 6TH P.M. ADAMS COUNTY, COLORADO; FINDING THAT THE TERMS OF SAID LEASE, INCLUDING A 21% ROYALTY RATE AND A FIVE THOUSAND DOLLAR ($5,000) PER MINERAL ACRE BONUS PAYMENT, ARE REASONABLE AND THAT IT IS IN THE BEST INTEREST OF THE CITY TO ENTER INTO SAID LEASE; AUTHORIZING THE MAYOR TO EXECUTE SAID LEASE ON BEHALF OF THE CITY; AUTHORIZING THE CITY MANAGER TO UNDERTAKE SUCH TASKS AND EXECUTE SUCH DOCUMENTS AS MAY BE REQUIRED TO IMPLEMENT SAID LEASE; AND SETTING FORTH OTHER DETAILS RELATED THERETO

Committee

City Council

Requested by

City Clerk's Office

Introduced

February 12, 2018

On agenda

March 6, 2018

Enactment no.

2277