NM gets nearly $12M from oil, gas leases

AP News

2/28/2012 11:19:35 AM - AP News

The New Mexico State Land Office says a monthly sale of oil and natural gas leases has brought in nearly $12 million.

Proceeds from the February lease sale of tracts in Eddy and Lea counties will support public schools, universities and state hospitals.

The Land Office announced Monday the highest bid was $2.4 million by Ronald Miles of Roswell for a lease on 320 acres in Lea County in southeastern New Mexico.

The agency received about $11.8 million for leases allowing oil and natural gas development and exploration on 27 tracts of state land. The Land Office collected more than $6 million for lease sales in January.