SANTA FE, NM – The State Land Office held their monthly online oil and gas lease sales, which garnered the largest open bid sale in history and generated over $35 million for New Mexico schools, hospitals and colleges. The open bid included 8,920.27 acres in Chaves, Lea and Eddy Counties and closed at over $12 million, more than double the previous record for an open bid. The aggregate bid amounted to an average per-acre price of $3,961.25.
“The Land Office is open for business, and our primary business is education funding. We are continuing to see the benefits in the Permian Basin, where we share the largest continuous source of oil with neighboring Texas. New Mexico has exceptional resources, and as a result our public schools today have $34 million more coming their way,” Commissioner Garcia Richard staid of the monthly lease sale.