NM Royalty Earnings Flat
New Mexico – State Land Commissioner Patrick Lyons says a resurgence of oil field activity in southeastern New Mexico has improved the Land Office's second quarter lease sale revenues, but royalty earnings remain flat.
The State Land Office has collected nearly $96 million during the second quarter of this fiscal year. That brings total earnings for the first half of the fiscal year to $186 million, half of last year's mid-point earnings.
Lyons says the good news is that prices are starting to get stronger and that will encourage drilling, which in turn will increase revenues for the Land Office.
Royalties earned from oil, gas and mineral development on trust lands are paid into the Land Grant Permanent Fund for distribution to public schools, universities, hospitals, correctional facilities and water projects.
Copyright 2010 The Associated Press.