Mt Princeton lease in Colorado terminated
Nathrop post office, Mt Princeton in the back, Colorado (source: stevegarufi.com)
Alexander Richter
7 May 2013
The geothermal lease at Mt Princeton in Colorado has been terminated due to non payment. The lease is a critical example of a lease holder that plans to prevent development on the site.
The Mt. Princeton geothermal lease in the U.S. State of Colorado was recently terminated for non-payment.
The lease owner, 3E Geothermal in Colorado Springs bought the lease on auction in January 2011. The company behind was Young Life, owners of a youth camp close by. The main reason – and this was confirmed by the company back then – only bid to prevent development. ThinkGeoEnergy reported on this in 2010.
The rental payment of $2,400 was due in January and unsuccessful notification of the lessee made the Bureau of Land Management Colorado to terminate the lease.
The company now reports that this was an administrative oversight and says it will appeal the termination. If this is not successful it will bid again and hope to win in order to prevent development from happening.
Source: The Mountain Mail
