Oil and gas lease sale nets $8M for New Mexico, other states

State & Regional

FILE – In this April 24, 2015, file photo, pumpjacks work in a field near Lovington, N.M. (AP Photo/Charlie Riedel, File)

SANTA FE, N.M. (AP) — Federal land managers say the latest oil and gas lease sale for parcels in New Mexico, Oklahoma and Texas netted more than $8.2 million.

The Bureau of Land Management said nearly half of the revenues earned from this week’s sale will go to the states where the leases are located.

The funds are often used for infrastructure projects, law enforcement and other government programs.

In all, 113 parcels totaling more than 76 square miles (197 square kilometers) were offered.

The highest bid per acre topped $21,500 with the lease of 120 acres in southeastern New Mexico to Santa Fe-based Federal Abstract Company.

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