Home News Local News State records another large oil and gas lease sale

State records another large oil and gas lease sale


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.

Support Local Journalism
Subscribe to the Roswell Daily Record today.

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.