A record $256 million was recorded in the recent oil and gas lease in New Mexico.
The August sale, according to the New Mexico State Land Office, broke revenue records for a second straight month. The record came after the state had created a new 25% royalty rate for premium oil and gas leases in June.
The State Land Office holds public auctions where oil and gas companies bid for the right to develop specific parcels of state-owned land.
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