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New Mexico oil and gas lease sale nets $17M

January 18, 2018

SANTA FE, N.M. (AP) — The State Land Office has collected more than $17 million from its most recent oil and gas lease sale.

New Mexico Land Commissioner Aubrey Dunn says 5 million barrels of oil are produced every month on state trust lands. He says the record-setting trends mean more money is flowing to public schools and other beneficiaries.

He says January’s sale brings fiscal year earnings-to-date to nearly $122 million, just shy of the $123 million record set in fiscal year 2012.

Nearly two dozen tracts covering more than 5,600 acres (2,280 hectares) in Chaves and Lea counties were offered Tuesday.

Texas-based Ameredev II paid $6.4 million for 320 acres (130 hectares) in Lea County. Petrogulf Corp. of Colorado bid more than $1 million for 80 acres (32 hectares) in the same county.

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