LAKE SOMERVILLE LEASES BRING $170,306

  

Of the total $3.5 million made during the sale by the Bureau of Land Management, the Lake Somerville area’s 6 parcels that were auctioned on June 6th brought in just $170,306, according to the Banner Press.

The highly controversial sale went on despite strong protests.

The highest bid acreage was in Live Oak County, selling at $1,202 an acre for 976.8 acre parcel by Sea Eagle Ford. The total for that parcel came to $1.2 million.

The other counties in the sale include Burleson, McMullen, Live Oak, and Jackson.

There were 17 parcels total auctioned off during the 3-hour online auctions.

According to the Bureau of Land Management New Mexico office, the National government receives a royalty of 12.5% of the value of production.

The State Government will receive a 25% minimum share of the bonus bid and the royalty revenue from each lease issued in their state.