Land Office achieves $5.34M in land-lease sales
Published August 22nd, 2006
The State Land Office earned $5.34 million at its monthly oil and gas land-lease sale in Santa Fe on Aug. 15.
The land office auctioned off 52 tracts covering 13,649 acres of trust land. Earnings included $350 per acre for a tract of land located outside known oil and gas producing areas.
J. Bar Cane Inc. of Stanley submitted the highest sealed bid at auction of $361,575 for 120 acres southwest of Artesia in Eddy County.
Ronald Miles of Roswell offered the highest oral bid at $564,000 for 203 acres, also located in Eddy County.
Sales take place the third Tuesday of each month at the land office in Santa Fe. The sale is conducted like an auction, with potential buyers submitting sealed bids for specific plots prior to the sale date, or oral bids during the auction. Land put up for bid at the event is first nominated for lease by industry or state officials and then approved for lease by the land office, which manages all of New Mexico’s state trust lands.
The land office’s Oil and Gas Minerals Division manages 9,800 oil and gas leases covering 3.1 million acres of mineral estate held in trust for public education, state universities, hospitals, the penitentiary and water projects.
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