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Oil and gas lease sale in NM nets $11 million

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A drilling rig operates near a pumpjack in Eddy County in this file photo. The boom in oil and gas drilling in southeastern New Mexico often uses hydraulic fracturing which requires a lot of fresh water. (Photo courtesy of NM Oil & Gas Association)

A drilling rig operates near a pumpjack in Eddy County in this file photo. The boom in oil and gas drilling in southeastern New Mexico often uses hydraulic fracturing which requires a lot of fresh water. (Photo courtesy of NM Oil & Gas Association)

CARLSBAD — The federal Bureau of Land Management has netted more than $11 million in its latest oil and natural gas lease sale in New Mexico.

The Carlsbad Current-Argus reports that 17 parcels of public land totaling 5,554 acres were sold in southeastern New Mexico, including two parcels in Eddy County.

The federal government keeps 52 percent of net revenues and distributes the other 48 percent back to the state.

All $5.28 million of New Mexico’s share is used to fund education.

The sale took in about half of the $22 million raised by the previous auction held by the federal agency in July.

The next lease auction for land in Southeastern New Mexico is scheduled for July 2014.

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Information from: Carlsbad Current-Argus

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