On behalf of Banded Peak Ranches, WLG Closed the Banded Peal Mineral Exchange in March 2011. The trade was relatively unique in that it dealt with mineral rights only. Involved were 16,176 acres of Federal oil and gas rights within the San Juan National Forest beneath the surface lands owned by three ranches in the headwaters of the Navajo River, Colorado collectively known as Banded Peak.

In exchange for these Federal oil and gas rights, the complete mineral estate owned by Banded Peak Ranches beneath 19,725 acres of lands within the Rio Grande National Forest was conveyed to the United States. This exchange was critical to advancing the conservation purposes of this remarkable landscape.