LONGMONT, Colo. (AP) — Longmont officials say they have a reached an agreement with two oil and gas companies to end the possibility of surface drilling within city limits.
The Daily Times-Call reports the city announced the proposed agreement Thursday with TOP Operating Co. and Cub Creek Energy LLC.
Under the agreement, TOP would plug and abandon eight active wells, relinquish 11 future drilling sites and abandon 80 potential well permits. In return, the city would pay $3 million to the company.
Cub Creek has agreed to relinquish any right to drill inside the city if the state approves the company's proposed well location northeast of Union Reservoir.
The city council will consider preliminary approval of the deal next week and final approval would follow in late May.
Information from: Daily Times-Call, http://timescall.com/