BLM Oil, Gas Lease Sale Nets More Than $28 Million - Newschannel 6 Now | Wichita Falls, TX

BLM Oil, Gas Lease Sale Nets More Than $28 Million

SANTA FE, N.M. (AP) - Parcels in New Mexico, Texas and Oklahoma netted more than $28 million in the Bureau of Land Management's quarterly oil and natural gas lease sale.
    
The agency says 35 federal parcels were sold. Nearly three dozen bidders registered for Wednesday's sale.
    
Bids for 14 parcels in New Mexico brought in more than $25 million. Bids for 15 parcels in Texas netted $2.7 million, and Oklahoma's six parcels brought in $150,000.
    
Developer Charles Ray of Midland, Texas, placed the highest bid per acre - $12,600 for an 800-acre parcel in southeastern New Mexico's Lea County.
    
The revenue from the lease sale and the royalties collected from the production of those leases is shared between the federal government and the states.
    
New Mexico will receive more than $12 million from the sale.

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