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State records another large oil and gas lease sale

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Copyright © 2021 Roswell Daily Record

New Mexico’s public K12 schools and other trust beneficiaries got an early $13.3 million gift thanks to the State Land Office’s December oil and gas lease sale.

The lease sale, held online in sealed bidding format, yielded $13,345,987, benefiting a total of six trust beneficiaries.

Beneficiaries of the December sale and their respective earnings are Common Schools, or public schools, $10,797,221; public buildings, $1,203,370; New Mexico State University (TUNV), $832,640; New Mexico State University (TAG), $287,261; charitable, penal and reform institutions, $117,195; and Eastern New Mexico University, $108,300.

Santa Fe-based Federal Abstract was the high bidder, purchasing 440 acres at $3,614,120 for an average per-acre price of $8,213.

All 31 tracts in Lea and Eddy Counties sold. Eight winning bidders combined for $13,345,987 to yield an average per-acre price of $2,578.31. A total of 29 bidders from five states participated in the bidding.

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So far in fiscal year 2019, July to December, the State Land Office has generated more than $97.82 million from its monthly lease sales.