Oil, gas lease sales net $17.5 million for New Mexico

New Mexico Business Weekly - Oil and gas lease sales by the U.S. Bureau of Land Management and the New Mexico State Land Office in April generated a combined $17.5 million for New Mexico. The BLM, which held its quarterly auction in Santa Fe April 18, offered 28 federal leases in New Mexico and Oklahoma. Bids on 20 parcels in New Mexico generated $31.7 million, with the highest bid per parcel coming from Rubicon Oil and Gas LLC, which paid $7.8 million for a 602-acre lease in southwestern Lea County. Revenue from federal lease sales, and from 12.5 percent royalties collected from production of those leases, is shared with the states. The federal government gets 52 percent, and 48 percent goes to the state where leasing occurs. New Mexico earned a little more than $15 million from the BLM auction. The State Land Office held its lease sale in Santa Fe April 17. It auctioned 28 tracts, which sold for a combined $2.5 million. All tracts were located in Lea and Chaves counties. Read More News New Mexico 

Oil, gas lease sales net $17.5 million for New Mexico