Monthly oil and gas lease sale nets $2.1M for New Mexico beneficiaries

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SANTA FE, New Mexico — April's oil and natural gas lease sale has netted more than $2.1 million for state trust land beneficiaries.

The New Mexico Land Office says a dozen tracts totaling more than 3,500 acres were leased.

The highest sealed bid of $480,160 for 160 acres in southeastern New Mexico's Eddy County came from Chase Oil Corp. of Artesia.

The highest oral bid of $840,000 was submitted by Yates Petroleum for 320 acres in Lea County.

The revenue raised by the monthly sales benefit public schools, universities and hospitals.

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