New Mexico acreage: Lease sale nets $7.9 million.
Companies pay up for onshore leases
A US Bureau of Land Management quarterly oil and gas lease sale netted $7.89 million from the sale of 74 federal leases in New Mexico, Oklahoma, Texas, and Kansas.
The auction, which was held at the BLM’s state office in Santa Fe, New Mexico saw a total of 53 bidders registered for today’s auction.
The highest bid per acre for a parcel the sale was $5100 per acre on 80 acres in Eddy County, New Mexico, by Marbob Energy of Artesia, New Mexico.
The highest parcel price was $3.82 million for 786 acres ($4860 per acre) in Shelby County, Texas by J Bar Cane of Stanley, New Mexico.
No bids were received for 12 parcels.
The next lease sale for the area is scheduled for 21 October.
For more information on the sale, including parcel by parcel listings go here.