NEW MEXICO (KRQE) – The Bureau of Land Management (BLM) New Mexico is seeking public comment on a proposed November oil and gas lease sale of around 595 acres. Just over 433 acres of that land are within Eddy and Lea counties, and the rest are in Texas.
The public comment period will be open until Jun. 15. The selected land parcels were scoped out in March. According to the BLM, the leasing includes stipulations to protect natural resources.
Financial Information Regarding the Lease
*According to the BLM
- Minimum bids for all offered parcels will be $10 per acre – an increase from the $2 per acre minimum bid set in 1987
- Royalty rates will be 16.67% – up from the previous minimum of 12.5%
- Rental rates will be $3 per acre for the first two years; $5 per acre for years three through eight; and $15 per acre for years nine and ten
For more information regarding the November lease sale, click here. To submit a comment on the proposal, click here.