Eleven parcels in New Mexico brought in more than $1.3 million at a quarterly oil and gas lease sale administered by the Bureau of Land Management in Santa Fe, the federal agency said Wednesday.
New Mexico will receive $635,902.08 from Wednesday’s sale, according to a news release from the BLM.
The news release said the oral auction also included parcels from Oklahoma, Texas and Kansas. Bids for 13 parcels in Texas brought in more than $18.8 million, while bids for nine parcels in Oklahoma brought in more than $161,000 and a single parcel in Kansas sold for $2,400.
Leases are awarded for a period of 10 years and as long thereafter as there is production in paying quantities. The government receives 12.5 percent royalties on production from the leases. Fifty-two percent of the revenues from federal lease sales is returned to the U.S. government and 48 percent goes to the state where the mineral lease occurs, according to the news release.
Friday, 15 January 2010 13:38
The Bureau of Land Management will offer oil and gas leasing mineral rights on 18 parcels totaling 12,750.53 acres in New Mexico at an oral auction Wednesday in Santa Fe, the federal agency said Friday.
The BLM said in a news release that the auction also will include 14 parcels totaling 3,567.12 acres in Texas, eight parcels totaling 1,198.22 acres in Oklahoma and one parcel of 240 acres in Kansas.
The auction will be held at the new BLM State Office at 301 Dinosaur Trail in Santa Fe and will begin at 9 a.m.
Leases will be awarded for a period of 10 years, or as long thereafter as there is production in paying quantities, according to the news release.