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The Denver company wants to sell the rights, titles and interest to the field in the Hearthfire subdivision, company CFO Ward Giltner said.
If it does not find a buyer, Black Diamond will hydraulically fracture six existing oil-producing wells.
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The field, which has nearly 50 wells in all, has produced oil since the 1920s, Giltner said. Surrounding homes were built well after.
Black Diamond’s property straddles the border of the city and Larimer County. The company paid $240,000 in property taxes last year, but that figure could double if additional wells were drilled there.
The money would fund schools, roads and other government services.