New Mexico marks record for monthly oil and gas lease sale | KOB 4
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New Mexico marks record for monthly oil and gas lease sale

New Mexico marks record for monthly oil and gas lease sale

The Associated Press
November 23, 2018 02:17 PM

SANTA FE, N.M. (AP) - The New Mexico State Land Office has set a record for its monthly oil and gas lease sale, generating more than $43 million for public schools and other trust land beneficiaries.

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Land Commissioner Aubrey Dunn says the November sale represents the highest single-month yield in the agency's history. The previous monthly record of just over $30 million was set in July 2017.

Dunn was expecting a good month but was surprised by the outcome. He says it will help with the goal of generating $1 billion in revenues for the current fiscal year.

In all, 35 tracts covering more than 12 square miles were up for bid in Lea, Chaves and McKinley counties. All but one tract was leased and another ended up being withdrawn.

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The Associated Press

Copyright 2018 The Associated Press. All rights reserved.

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