Published: 10:41 am, Wed. Sep. 21st, 2016Updated: 10:40 am
The New Mexico State Land Office held its monthly oil and gas lease sale Tuesday, generating a total of $2,464,950.
September’s sale introduced an online component to the sale, which was held in lieu of the traditional sealed bid portion. The online sale included active bidding that commenced one week prior to the lease sale date and closed at 8:30 a.m. the day of the sale. The in-house oral sale was still held at the Land Office Building in Santa Fe.
New Mexico State Land Commissioner Aubrey Dunn reported the online bidding was a success, attracting more bidders from all over the country while generating $1,183,550 for the trust beneficiaries – primarily the public schoolchildren of New Mexico.
A total of 34 tracts located in Lea, Eddy, Chaves and Roosevelt counties were offered and sold to 15 winning bidders. The online sale attracted bids nationwide, including Colorado, Utah, Texas, Maryland, Pennsylvania, Florida, Oklahoma, Washington, Virginia and New Mexico.
The highest online tract – 320 acres in Lea County – was won by Cimarex Energy Company for $260,100, or $813 per acre. The highest oral tract – 320 acres in Lea County – was won by Doug J. Schutz for $485,000, or $1,516 per acre.