CHEYENNE, Wyo.—A land conservation group has reached a long-sought agreement to prevent a gas drilling project near a southern approach to Jackson Hole and Grand Teton National Park by buying out a vast area of mineral leases.

The Trust for Public Land plans to buy out 58,000 acres of oil and gas leases owned by Houston-based Plains Exploration and Production Co. for $8.75 million, the San Francisco-based group tells The Associated Press.

The announcement opens a fundraising effort by the trust. Almost half the money needs to be raised if the deal is to be closed at the end of the year as the agreement requires …  Read more: