The estimated value of possible royalties would be comparable to the potential sales price, the city staff wrote. “But revenue is less certain and spread out over time.”
Thornton determined the market was favorable to sell the portion of its minerals that weren’t producing or were just starting to produce, Scott Twombly, the city’s real property manager, said in an email.
Thornton put the oil and gas rights up for auction in September and took bids from different parties for portions of the tracts or the entire package. Arn thinks Phoenix Capital group was the only party that offered bids on all the rights offered. Thornton’s mineral rights were spread across a series of tracts, making it challenging to sort through the land titles. More than 15 members of Arn’s team worked on the acquisition and wrapped it up in 30 days.
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