SANTA FE, N.M. (AP) — The State Land Office says schools will see an extra $18 million next month thanks to a major lease sale of oil and gas.
Commissioner Aubrey Dunn says the March 21 sale was the second highest in the office's history. It included 56 tracts covering about 16,800 acres in the state.
Public schools, the University of New Mexico and several other institutions benefit from the State Land office, which is a self-funded agency.
Oil and gas leases are on five-year terms. Royalties earned from them are paid to the Land Grant permanent Fund, which gives millions of dollars to schools and others.