Published: 2:30 pm, Wed. Aug. 16th, 2017Updated: 2:29 pm
In all, the State Land Office collected $12,622,385. In addition to public schools, beneficiaries of the leased acreage and revenues earned include:
• New Mexico Military Institute: $2,892,020
• Miners’ Colfax Medical Center: $597,100
• New Mexico Behavior Health Institute: $732,450
• Public Buildings: $128,640
Forty-three bidders from seven states registered for Tuesday’s sale. Fifteen bid on 45 tracts covering 11,843 acres of State Trust Lands in Eddy, Lea and Sandoval counties. The monthly oil and gas lease sales are held online in sealed and open bidding formats. This month, sealed bids generated $9,435,135 and online bids brought in $3,187,250.
Chisolm Energy Holdings, LLC, of Ft. Worth, Texas, was the highest sealed bidder, paying $2.8 million, or $17,500 per acre, for 160 acres in Eddy County.
Grey Wolf Oil and Gas, of Houston, Texas, was highest online bidder, paying $505,700, or $1,580 per acre, for 320 acres also in Eddy County.
Revenues earned from oil and gas lease sales are paid into the Land Maintenance Fund which supports the State Land Office’s operating budget. The State Land Office is a self-funded agency and spends about five cents of every dollar it earns. The remaining revenue is distributed to the beneficiaries.
Public school monies are paid into the state’s General Fund and distributed to each school district as appropriated by the state legislature. The other beneficiaries receive monthly checks directly from the State Land Office.