Land Office Takes in $7.4 Million on Oil and Gas Leases

The New Mexico State Land Office reported sales of oil and natural gas leases brought in nearly $7.4 million for August.
A total of 26 tracts of land covering more than 8,000 acres were sold. Revenues from the oil and gas industry represent 97% of all income brought in by the Land Office. The revenues are used to support public schools, universities and hospitals.
The highest sealed bid of $466,140 was made by Ronald Miles of Roswell for about 163 acres in Eddy County who also placed the highest oral bid - $2 million for about 640 acres in Lea County.
Experts wonder how much more money might have come to the State Land Office if it had not tried to retroactively change the formula for how royalties are calculated on productive leases.

Land Office Takes in $7.4 Million on Oil and Gas Leases