Agreement Reached to Prevent Drilling in Hoback Basin
The Trust for Public Land announced today that it has entered into an agreement with Plains Exploration & Production Company (NYSE: PXP) to purchase oil and gas leases on 58,000 acres of environmentally sensitive land located in the Hoback Basin of the Wyoming Range. Once the transaction is completed, the leases will be retired, protecting the land from oil and natural gas drilling.
The Trust for Public Land announced the agreement at a media event in Jackson, Wyoming, with Governor Matt Mead and approximately 100 local residents, including hunters, anglers, ranchers and mineral industry workers. The PXP leases are located approximately 30 miles south of Jackson.
"This is an outstanding outcome for the people of Wyoming—a true 'win-win' resolution. It respects both the wishes of local residents and the legal rights of leaseholders," said Governor Mead.
The Trust for Public Land is currently working to raise the $8.75 million needed to complete the transaction by December 31. To date, the organization has received donations and pledges of $4.5 million from a combination of individual and philanthropic sources. The Trust for Public Land must raise an additional $4.25 million by December 31.
"This agreement shows that we can find common ground between conservationists, hunters, anglers—and even oil and gas developers. We can come together to solve our toughest problems and reach solutions that are fair to all sides," said Deb Love, Northern Rockies Director for the The Trust for Public Land. "I am delighted that we have reached an agreement, but we are not finished yet. We must raise an additional $4.25 million by December 31, or the Hoback will again be in jeopardy. To contribute, please visit www.tpl.org/SaveTheHoback."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.