The federal Bureau of Land Management sold $11 million in oil and natural gas lease in its latest New Mexico sale.
Seventeen parcels of public land totaling 5,554 acres were sold in southeastern New Mexico, including two parcels in Eddy County.
New Mexico will share 48% of the sale proceeds, with the federal government taking 53%.
All $5.28 million of New Mexico’s share will be used to help fund education in the state.
The prior sale in July 2013 netted $22 million,
The next lease auction for land in Southeastern New Mexico is set for July 2014.
New Mexico production was about 80 million barrels of oil in 2012, and about 1.3 billion mcf of natural gas.
The oil and gas industry accounts for over 26,000 jobs in the state and contributes about $2.2 billion a year in revenue to the state and local governments.