New Mexico Business Weekly - The New Mexico State Land Office announced Monday that it garnered $3.9 million in July from its monthly oil and natural gas lease sale in Santa Fe. The state auctioned 25 tracts of land totaling nearly 8,000 acres to the highest bidders at an average price per acre of $502. The highest sealed bid was sold for $800,000 to Energen Resources Corporation of Farmington. The highest oral bid was $465,000, made by Crown Oil Partners IV LP of Midland, Texas. The Land Office said that the monthly lease sales generate revenue from oil and natural gas produced on state trust land for trust beneficiaries, which saves taxpayers money. Ray Powell, state land commissioner, said in a prepared statement, "New Mexico has been blessed with enormous mineral reserves. The appropriate use of these natural resources has helped support our public schools, universities, and hospitals. We can thank our hard-working public employees at the State Land Office for the ongoing success of our oil and gas lease sales that help keep our taxpayers bills lower." Read More News New Mexico
State earns $3.9M at July oil and gas lease sale
New Mexico Business Weekly - The New Mexico State Land Office announced Monday that it garnered $3.9 million in July from its monthly oil and natural gas lease sale in Santa Fe. The state auctioned 25 tracts of land totaling nearly 8,000 acres to the highest bidders at an average price per acre of $502. The highest sealed bid was sold for $800,000 to Energen Resources Corporation of Farmington. The highest oral bid was $465,000, made by Crown Oil Partners IV LP of Midland, Texas. The Land Office said that the monthly lease sales generate revenue from oil and natural gas produced on state trust land for trust beneficiaries, which saves taxpayers money. Ray Powell, state land commissioner, said in a prepared statement, "New Mexico has been blessed with enormous mineral reserves. The appropriate use of these natural resources has helped support our public schools, universities, and hospitals. We can thank our hard-working public employees at the State Land Office for the ongoing success of our oil and gas lease sales that help keep our taxpayers bills lower." Read More News New Mexico
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