Home News Local News March lease sale raises more than $4 million

March lease sale raises more than $4 million

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The New Mexico State Land Office held its monthly online oil and gas lease sale Tuesday, raising more than $4.9 million for New Mexico schools, hospitals and colleges.

Twenty-four tracts of land, more than 4,285 acres, in Chaves, Lea and Eddy counties were originally offered, but five tracts were withdrawn. The total of winning bids was $4,904,787.40, with an average per-acre price of $1,444.56.

The sale involved 33 registered bidders from six states. The lease sales benefit K12 public schools, public buildings, New Mexico State University and the Penitentiary of New Mexico.