Home News Local News NMMI to receive $56,000 from lease sale

NMMI to receive $56,000 from lease sale

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The New Mexico Military Institute will receive $56,000 from the most recent oil and gas lease sale, according to the State Land Office.

The online sale that ended Tuesday generated more than $35 million for New Mexico schools, colleges, hospitals and other public entities.

“As land commissioner, it is my constitutional obligation to raise funds for the beneficiaries. I will continue to do just that while ensuring we’re stewards of our land, water, air and wildlife,” said Commissioner Stephanie Garcia Richard.

The sale involved 41 tracts in Chaves, Lea and Eddy counties totaling a bit more than 8,920 acres, although eight parcels were withdrawn. Forty were offered by sealed bid. Thirty-seven registered bidders from five states participated. Twelve different companies made winning bids, paying $35,335,421, for an average per-acre price of $3,961.25.

Beneficiaries are common (or K12 public) schools, $34,862,341; public buildings, $376,320; New Mexico Military Institute, $56,000; New Mexico State University, $32,160; and charitable penal reform, $8,600.

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