Carlsbad Current-Argus - Federal oil and gas leases in New Mexico and Oklahoma sold for more than $33 million in the Bureau of Land Management's quarterly auction. The lease auction was held Wednesday in Santa Fe. The leases were mainly in New Mexico, where bidders paid more than $31.7 million for 20 parcels. Eight parcels in Oklahoma brought in more than $1.4 million. The highest per-parcel bid was $7.8 million for a 602 acre parcel in Lea County, N.M. In Eddy County there were two parcels totaling 760 acres. A 640 acre parcel brought $3.8 million and a 120 acre parcel fetch $600,000, according to sale results posted on the BLM's website. Winning bidders are awarded leases that allow them to drill for oil and gas for 10 years and continue producing for as long as the wells are producing in paying quantities. Read More News New Mexico
Oil & gas leases bring millions to NM
Carlsbad Current-Argus - Federal oil and gas leases in New Mexico and Oklahoma sold for more than $33 million in the Bureau of Land Management's quarterly auction. The lease auction was held Wednesday in Santa Fe. The leases were mainly in New Mexico, where bidders paid more than $31.7 million for 20 parcels. Eight parcels in Oklahoma brought in more than $1.4 million. The highest per-parcel bid was $7.8 million for a 602 acre parcel in Lea County, N.M. In Eddy County there were two parcels totaling 760 acres. A 640 acre parcel brought $3.8 million and a 120 acre parcel fetch $600,000, according to sale results posted on the BLM's website. Winning bidders are awarded leases that allow them to drill for oil and gas for 10 years and continue producing for as long as the wells are producing in paying quantities. Read More News New Mexico
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