New Mexico earns $4M in latest oil and gas lease sale

SANTA FE, N.M. (AP) – The latest oil and gas lease sale has netted nearly $4 million for public schools and other beneficiaries.

The State Land Office said this month’s sale attracted two dozen bidders from six states. Up for auction were 35 tracks covering nearly 9,000 acres in Eddy, Chaves and Lea counties in southeastern New Mexico.

With two months left in the fiscal year, revenues earned from monthly oil and gas lease sales have surpassed $61 million. Officials say earnings for the 2016 fiscal year totaled only $36 million.

Land Commissioner Aubrey Dunn says it’s fortunate that interest in drilling in the Permian Basin remains strong. He says more than 90 percent of revenues earned from oil and gas activity go toward teacher salaries, books and education infrastructure.

KRQE.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s