NEW MEXICO (KRQE) – People buying land to drill for oil and gas are bringing big money into the state. Recent lease sales for oil and gas in New Mexico and neighboring states have netted more than $8 million.
This is according to the Bureau of Land Management. Typically, half of that revenue, will go to the states to pay for infrastructure projects, law enforcement, and other government programs. In all, 113 leases were sold, including 120 acres in southeast New Mexico, which earned the highest bid for land at around $21,000 per acre.
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