On April 20, 2016, the Bureau of Land Management (BLM) will hold its quarterly oil and gas lease sale in Santa Fe, New Mexico. A total of 11 parcels will be offered containing 2,306 subsurface acres of Federal minerals - 5 parcels in Oklahoma containing 1,426 acres and 6 in Kansas containing 880 acres.The oral auction will take place at the Courtyard Marriot in Santa Fe, New Mexico - 3347 Cerrillos Road. The sale will begin promptly at 9 a.m. Only oral bids offered at the sale will be accepted. Parcels will be awarded to qualified bidders offering the highest acceptable bid. The minimum acceptable bid is $2 per acre.The lease sale notice can be found at www.blm.gov/nm/oilandgas (click on Lease Sales on the right side of the page).Leases are awarded for a period of 10 years, and as long thereafter as there is production in paying quantities from the lease. The revenue from the sale of Federal leases, as well as any royalties collected from the production of those leases, is shared between the Federal Government and the State in which the lease is located - fifty-two percent goes to the Federal Treasury and 48 percent is returned to the state.
Source: U.S. Department of the Interior, Bureau of Land Management
