Wyoming Gas Plant Stuck With Valuation Three Times Sale Price

Fremont County, Wyo., correctly assessed gas and oil facilities that Contango Resources LLC bought for $67 million to be worth about $190 million, the state high court held Monday.

The assessor followed state guidelines that say a property’s sales price isn’t necessarily its true value, the Wyoming Supreme Court said. The property was sold in a closed bidding process, with little information known about the sale, meaning that the purchase price alone wasn’t a reliable indicator of the property’s market value, Justice Lynne Boomgaarden said for the unanimous court.

Contango bought two properties from ConocoPhillips. The “more complex property” ...