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Brief -- New Mexico Lease Sale

The November oil and gas lease sale held by the New Mexico State Land Office established an all-time record for revenue, reaching $43.2 million. The previous monthly record was $30.03 million set in July 2017. Katy TX-based Percheron Energy was the high bidder in sealed bids, obtaining 1,999.31 acres in Lea, Chaves and McKinley counties. All but one tract was sold, with one tract receiving no bids and a second tract withdrawn. Nine bidders combined for the total proceeds, with an average per-acre price of $5,431.88. Thirty-two bidders from eight states participated.

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