NM Land Office sets lease revenue record

SANTA FE — The State Land Office has set a new annual revenue record for oil and gas leases, and it still has one month to go before the end of the fiscal year.

The May lease sale generated more than $5.4 million, bringing the FY 2018 total to $102.2 million, according to a news release from the office.

The previous single-year record, set in 2012, was just under $102 million.

Oil and gas activity in southeast New Mexico has boomed over the past year, making it one of the fastest-growing oil patches in the country.