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Petroleum companies bid up land leases
Updated: Thursday, 19 Apr 2012, 12:51 PM MDT
Published : Thursday, 19 Apr 2012, 12:51 PM MDT
SANTA FE, N.M. (AP) - Federal oil and gas leases in New Mexico and Oklahoma have sold for more than $33 million in the Bureau of Land Management's quarterly auction.
The leases were mainly in New Mexico, where bidders paid more than $31.7 million for 20 parcels. Eight parcels in Oklahoma brought in more than $1.4 million.
The BLM says the highest price bid per acre at Wednesday's auction in Santa Fe, N.M., was $16,500 for a 31-acre parcel in Roger Mills County, Okla. The highest per-parcel bid was $7.8 million for a 602 acre parcel in Lea County, N.M.
Winning bidders are awarded leases that allow them to drill for oil and gas for 10 years and continue producing for as long as the wells are producing in paying quantities.
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