NM Trust Revenue Drops

New Mexico – The State Land Office says it collected about $420 million in the just-completed budget year, with most of that coming from oil and natural gas production on trust lands.

Land Commissioner Pat Lyons announced Tuesday that oil and royalties and other revenues totaled $390 million in the fiscal year ending in June. That's down about 20 percent from 2009.

The Land Office also collects money from mining, grazing and business leases and land sales.

Total revenues hit a record in 2008 at $546 million and then dropped to $537 million in the 2009 fiscal year.

Oil and gas revenues have been volatile because of fluctuations in market prices.

Copyright 2010 The Associated Press.