Published: 11:22 am, Fri. Dec. 8th, 2017Updated: 11:22 am
The Bureau of Land Management New Mexico’s quarterly oil and gas lease sale has resulted in $30,361,782.50 in competitive bids for 2,104.15 acres. The combined bids will be distributed between the federal government and the State of New Mexico.
The BLM offered seven parcels in Eddy and Lea counties. The highest bid per acre was made by Federal Abstract Company, Santa Fe, at $40,001. This set a BLM record for the highest bid per acre.
For more details about the sale results, visit www.blm.gov/programs/energy-and-minerals/oil-and-gas/leasing/regional-lease-sales/new-mexico.
Oil and gas leases are awarded for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. The federal government receives a royalty of 12-and-one-half percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.
For more information, contact Julie Serrano at 505-954-2149.