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State Land Office plans oil and gas lease sale

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The New Mexico State Land Office will hold its next oil and gas lease sale later this month.

Leases on 12 tracts of land are scheduled to be involved in the sale, according to information posted on the State Land Office website, nmstatelands.org.

Six tracts are in Lea County, four are in Roosevelt County, and two are in San Juan County.

The total acreage is about 2,131, and the state is asking for combined minimum bids of no less than $70,000.

The online sale at energynet.com will begin Feb. 13 and end by 8:30 a.m Feb. 20.

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The January 2018 lease sale involved 23 tracts totaling about 5,635 acres in Chaves and Lea counties and brought in $17.37 million from 12 bidders.

Money raised from leases goes to the State Permanent Trust Fund, which distributes income received to beneficiaries. Those beneficiaries include public K12 schools, specialty schools, public universities and colleges, and some hospitals.