Enviros To Stop Major Wyoming Gas Drilling Project With Lease Buyout

"CHEYENNE, Wyo. -- A land conservation group has reached a long-sought agreement to prevent a gas drilling project near a southern approach to Jackson Hole and Grand Teton National Park by buying out a vast area of mineral leases."

"The Trust for Public Land plans to buy out 58,000 acres of oil and gas leases owned by Houston-based Plains Exploration and Production Co. for $8.75 million, the San Francisco-based group tells The Associated Press.

The announcement opens a fundraising effort by the trust. Almost half the money needs to be raised if the deal is to be closed at the end of the year as the agreement requires.

PXP confirmed the agreement with the conservation group, set to be announced at a news conference later Friday in Jackson. Wyoming Gov. Matt Mead planned to attend."

Mead Gruver reports for the Associated Press October 5, 2012.

Source: AP, 10/08/2012