NM Gets Nearly $4M From OIl, Gas Lease Sale

New Mexico – SANTA FE, N.M. (KRWG) The New Mexico State Land Office says a monthly sale of oil and natural gas leases has brought in almost $4 million.

Money from the October lease sale will help support public schools, universities and state hospitals.

The state trust land offered for lease was in Chaves, Eddy and Lea counties in southeastern New Mexico.

The Land Office announced Monday the highest bid was nearly $1.7 million from Artesia-based Yates Petroleum Corp. for 320 acres in Eddy County.

The leases allow for oil and gas development and exploration for five years on tracts of state land.

Copyright 2011 The Associated Press. KRWG