BLM Oil, Gas Sale Nets $4.2 Million In NM, Okla

KRWG News – SANTA FE, N.M. (KRWG) The Bureau of Land Management has netted $4.29 million from 14 federal oil and gas leases in New Mexico and Oklahoma.

The total includes bonus bids, administrative fees and first-year rentals.

The BLM held its quarterly lease sale Wednesday in Santa Fe.

Bids for a dozen parcels in New Mexico brought in more than $4.1 million. Bids for two parcels in Oklahoma brought in more than $115,000.

Fifty-two percent of revenues from the lease sales go to the federal government and 48 percent go to the state where the mineral lease occurs.

The BLM says Ronald Miles made the highest bid, $1.8 million for 320 acres in southeastern New Mexico's Lea County.

Leases are awarded for 10 years, then for as long afterward as production exists in paying quantities.

Copyright 2011 The Associated Press. KRWG