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Collier Reels In $120M for Oil/Gas Rights

MIAMI-After seven years of negotiations, the largest land-holding company in South Florida has cut a deal with the federal government to give up drilling plans on land it owns in three Florida Everglades preservation areas.

By Alex Finkelstein | Updated on May 30, 2002

MIAMI-The federal government is paying real estate developer Collier Enterprises of Naples, FL $120 million for oil and gas rights in three Florida preservation areas.

The government is also paying $115 million to Murphy Oil Co. of El Dorado, AR; Chevron Texaco Corp. of New York; and Conoco Inc. of Houston for similar rights in the Destin Dome area of Pensacola in northwest Florida.

For Collier Enterprises, the largest land-holding company in South Florida, the deal marks the end of a seven-year saga in trying to unload its mineral rights to the government in exchange for cash or a traded federal property.

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