For the second consecutive month, New Mexico smashed its record for revenue earned from monthly oil and gas lease sales. New Mexico Land Office said the latest sale Aug. 19 produced $256 million to surpass the $56 million raised in July.
The August sale was the second under a new state law allowing the Land Office to set a 25 percent royalty rate for the best parcels in Permian Basin. All 10 leases in Eddy and Lea counties received bids, and one in Eddy County set a state record of more than $84 million and a national record of $132,552 per acre, according to the Land Office.
Devon Energy Production was the most successful bidder – picking up six leases totaling 1,720 acres.
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