- Associated Press - Wednesday, October 22, 2014

ALBUQUERQUE, N.M. (AP) - The State Land Office has collected more than $3 million in additional revenue from a Texas oil company following an audit of its operations in southeastern New Mexico.

Land Commissioner Ray Powell says the assessment of Apache Corp.’s production in Lea County turned up royalties going back to January 2009.

The recent audit is among the nearly 40 reviews done by the agency since the beginning of July. The agency has brought in an additional $4 million in revenue so far this fiscal year, putting it on track to collect more than it did the previous year.

Powell says the problems highlighted by the audits relate to bookkeeping errors and confusion over New Mexico’s tax and royalty structure. He says the Land Office is exploring ways to simplify the process.


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