BLM Sale in NM Nets 5 Million

From chron.com - The U.S. Bureau of Land Management's quarterly oil and gas lease sale has netted more than $18.6 million. The BLM says 31 federal leases were sold Wednesday in New Mexico, Texas, and Oklahoma during a Santa Fe auction. The total includes bonus bids, administrative fees and first-year rentals. The agency says bids for 14 parcels in New Mexico brought in more than $5 million, bids for 12 parcels in Texas brought in more than $11.2 million and bids for five parcels in Oklahoma netted more than $2.2 million. Leases are awarded for 10 years, then for as long afterward as there is paying production. Fifty-two percent of the revenue from lease sales goes to the federal government, while 48 percent goes to the state where the mineral lease occurs.

BLM Sale in NM Nets 5 Million