ConocoPhillips (NYSE:COP) signed a tentative agreement to acquire 21,048 acres of land at Old Lowry Bombing Range in Arapahoe County from Colorado State Land Board for approximately $140 million on January 27, 2012. ConocoPhillips would also give the land board 20% in royalties once the land begins producing. Colorado State Land Board announced plans to auction the land at Old Lowry in June 2011 when ConocoPhillips emerged as the winning bidder among six finalists. Colorado State's Board of Directors will review the agreement and vote on it February 3, 2012. The agreement is subject to the approval of agency board and due diligence by ConocoPhillips. The transaction, if approved is expected to close by April 2012. Meagher Energy Advisors Inc. acted as the financial advisor to the Colorado State Land Board in the transaction.

ConocoPhillips (NYSE:COP) cancelled the acquisition of 21,048 acres of land at Old Lowry Bombing Range in Arapahoe County from Colorado State Land Board on January 27, 2013.