SANTA FE, N.M. (AP) - The U.S. Bureau of Land Management netted more than $7.88 million for 111 federal oil and gas leases in New Mexico, Texas and Oklahoma.
Wednesday's BLM lease sale offered 113 parcels totaling 32,869 acres; it sold leases on all but 340 acres.
The highest per-acre bid came from Albuquerque-based Blanco Company, which paid $130,000 for 25 acres _ $5,200 per acre _ in Houston County, Texas. The highest per-parcel bid, $868,000, came from Chesapeake Exploration LP of Oklahoma City for 1,120 acres in eastern New Mexico's Eddy County.
Fifty-five parcels in Oklahoma, some 7,405 acres, brought in more than $1.83 million, while 20 parcels in Texas, spread across 4,636 acres, brought in nearly $1.8 million.
The government receives 12.5 percent royalties on production from the leases. Half the money goes to the U.S. Treasury and the other half to the state where the mineral lease is located.