SG Interests has said it is interested in potentially having seven to nine well pads.
The Houston-based company says it is performing surveys and other work to determine where it wants to put them.
The lease entitles the company to one well on about 2,000 acres near the Sunlight Ski Area.
The news comes as the Thompson Divide Coalition works to preserve the land.
The coalition of ranchers, residents, sportsmen and conservationists in February offered $2.5 million to compensate gas developers for investments on their energy leases in the area.
(Copyright 2012 by The Associated Press. All Rights Reserved.)