New Mexico oil and gas lease sales net record revenues

SANTA FE, N.M. — The New Mexico State Land Office has collected nearly $5 million from its most recent oil and gas lease sale, continuing a record-setting pace for the 2018 fiscal year.

State Land Commissioner Aubrey Dunn said June’s sale brings fiscal year earnings-to-date to nearly $107 million, more than the $102 million record set in fiscal year 2012.

Dunn said the banner year comes despite the leasing of fewer acres than in 2012.

The eight bidders that participated in June’s sale were interested in parcels in Lea and Roosevelt counties. The highest bidder was Artesia-based Chase Oil.

Revenues from the monthly lease sales help to fund public schools, higher education, hospitals and some infrastructure projects.