Published: 1:55 pm, Wed. Jan. 18th, 2017Updated: 1:54 pm
New Mexico State Land Commissioner Aubrey Dunn has announced the State Land Office’s January oil and gas lease sale earned $5,258,025.02 – nearly $4.3 million more than January 2016 – from 27 tracts located in Lea, Eddy, Chaves and Roosevelt Counties.
“The Permian Basin is one of the hottest producing spots in the country,” said Dunn. “A number of large producers are active there and judging by this month’s sale results the independents are feeling more optimistic about developing this play.”
This month, sealed bids generated $3,399,025.02 and online bids brought in $1,859,000. Federal Abstract Company was the winning sealed bidder, paying $708,094.63 for 66.71 acres in Eddy County. Cimarex Energy Company was the highest online bidder, paying $802,300 for 320 acres in Lea County.
One 320-acre tract in Lea County was withdrawn.
All results can be found at www.nmstatelands.org.
“I appreciate the companies and individuals that do business with the State Land Office,” said Dunn. “When we succeed, the school kids succeed.”