DIA wells bring in cash, helping keep costs down for the airlines. ( Denver Post file photo )
Denver International Airport has bought 27 oil and natural-gas wells on its property for $5.5 million. The deal, which closed Friday will provide the airport with about $3.5 million in additional annual revenue.
DIA owns the mineral rights on all of its 34,000 acres, but had leased about 27,000 acres to Petro-Canada Resources (USA) Inc. for oil and natural-gas exploration.
DIA exercised its preferential right to buy the assets in connection with the divestment by PCR of its U.S. upstream oil and gas assets.
Airport officials said the deal improves non-airline revenue, which helps keep costs down for carriers and helps air service expand.
Overall, DIA owns or operates 76 oil and natural-gas wells on its property.
DIA owns the mineral rights on all of its 34,000 acres, but had leased about 27,000 acres to Petro-Canada Resources (USA) Inc. for oil and natural-gas exploration.
DIA exercised its preferential right to buy the assets in connection with the divestment by PCR of its U.S. upstream oil and gas assets.
Airport officials said the deal improves non-airline revenue, which helps keep costs down for carriers and helps air service expand.
Overall, DIA owns or operates 76 oil and natural-gas wells on its property.
