Lease sale earns almost $2.7 million - February 22, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryFebruary 2004

Vol. 9, No. 8

Week of February 22, 2004

Lease sale earns almost $2.7 million

The Associated Press

New Mexico’s February oil and gas lease sale earned the state nearly $2.7 million — or $263 an acre — Land Commissioner Patrick Lyons said Feb. 17.

The sealed bidding earned about $1.4 million for 19 tracts totaling a bit more than five-thousand acres, while oral bidding earned approximately $1.2 million for 19 tracts that tallied at a bit less than five-thousand acres.

Yates Petroleum of Artesia submitted the highest sealed bid, $195,205 for 478 acres in Lea County, Lyons said. Layton Enterprises of Lubbock, Texas, submitted the highest vocal bid, $168,000 for 297 acres in Lea County.

All 38 tracts that were offered ended up being sold.

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