SantaFeToday.com Santa Fe’s Hometown News
SANTA FE, NM – The State Land Office today collected more than $6.7 million from the September oil and gas lease sale, bringing Q1 2018 earnings from monthly lease sales to nearly $50 million. Comparatively, Q1 2017 earnings from oil and gas lease sales barely exceeded $8 million.
“Ninety-two percent of revenues collected by the State Land Office is from oil and gas activity on State Trust Lands and most of it flows to public schools, which exemplifies why the industry is vital to our state,” said State Land Commissioner Aubrey Dunn. “These first quarter earnings indicate we are on track for a top-performing year which is good news for education.”
Today, the State Land Office earned $6,734,872 from five bidders, for an average per acre price of $4,317. Beneficiaries of the leased acreage and revenues earned include:
- Public Schools: $5,357,901
- New Mexico Institute of Mining and Technology: $65,381
- Miners’ Colfax Medical Center: $1,311,590
This month Commissioner Dunn offered 10 tracts covering 1,560 acres of State Trust Lands in Eddy and Lea counties.
Chisholm Energy Holdings, LLC, of Fort Worth, TX, was the winning bidder, paying $2.56 million for 200 acres in Eddy County.
Oil and gas lease sale earnings are paid into the Land Maintenance Fund, which covers the Land Office’s operating expenses. The agency is self-funded and spends about five cents of every
dollar it earns. The remaining revenue is distributed directly to the beneficiaries, with the exception of public school monies which are paid into the state’s General Fund and distributed to each school district as appropriated by the state legislature
