State racks up $9 million at oil and gas lease sale

New Mexico Business WeeklyThe New Mexico State Land Office earned $9 million at its June 19 oil and gas lease sale in Santa Fe. The lease sales provide revenue from oil and natural gas produced on state trust land for trust beneficiaries. Twenty-five tracts of land were offered to the highest bidder. The offered tracts covered almost 10,000 acres of trust land and all were sold. An additional sale included tracts that are geographically located in areas where there is not yet commercial production and oil and gas reserves are unknown. That sale brought in $75,000 for 17 tracts. “This revenue provides financial support to our public schools, universities and hospitals, saving taxpayers from additional taxes to support these important institutions,” State Land Commissioner Ray Powell said in a news release. The next oil and gas lease sale is July 17. Oil and gas lease sales are regularly scheduled on the third Tuesday of each month. Read More News New Mexico



Post a Comment