- Associated Press - Tuesday, September 23, 2014

SANTA FE, N.M. (AP) — The state Land Office says it received $7.3 million from the most recent sale of oil and gas leases.

The agency said Monday the revenue is the highest from leases since getting $7.8 million in December 2013.

Leases were sold last week for oil and gas development on three dozen tracts of state land in Lea, Eddy, Chaves and Roosevelt counties. The highest bid was nearly $1.8 million for a 320-acre parcel in Lea County.

The Land Office said it’s collected more than $246 million from oil and gas lease sales since 2011.

The agency received more than $726 million last year from royalties from oil and gas production.

The revenue goes to support state institutions, including public schools and universities.

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