New Mexico Oil and Gas Lease Sale FAQs

Bidders must be registered with the New Mexico Secretary of State and be bonded. Additionally, bidders must have an Oil and Gas Remittance Identifier (OGRID) prior to lease issuance. More information on obtaining an OGRID can be found at https://www.nmstatelands.org/divisions/oil-gas-and-minerals/oil-and-gas/faqs-oil-and-gas/ or by contacting the New Mexico State Land Office at (505) 827-5760.

Within 1 hour after the sealed bid sale ends, an invoice will be sent by Efficient Markets to the successful bidder via email for each tract won and the amount due to the New Mexico State Land Office. A separate email will be sent containing the invoice for the amount owed to Efficient Markets. Invoices are also available on the Buyer’s Homepage. Please call the Government Resources Team at (866) 364-4688 if an email is not received within 1 hour following the auction.

Payment, or confirmation of the payment initiation, must be submitted to the New Mexico State Land Office by 4:00 PM Mountain Time. Payment instructions are included with the invoice.

The buyer premium is due within 2 business days to Efficient Markets. Payment instructions are included with the invoice.

Payment for all successful online leases shall be made the day of the sale by wire transfer or in-person at the New Mexico State Land Office by cash, check, money order, certified check, or electronic transfer on a solvent bank.

All wire payments shall be made by Fedwire Deposit and the tract number(s) must be referenced on the wire. Please see the invoice for instructions.

Late payments will be rejected, and no lease will be issued for that tract. (The successful bidders shall file proper applications for the leases purchased and shall complete the payment of any balance due on their bids before the closing of the office of the commissioner on the day of the sale. 19-10-17 NMSA 1978)

Remittance to Efficient Markets may be made by wire transfer. Full remittance instructions will be provided with the invoice.

If the payer differs from the bidder, simply reference the tract information with the payment.

If the lessee’s name will be different from the bidder’s name, please designate the appropriate lessee name on the New Mexico State Land Office Lessee Information Sheet, for each tract won, by 4:00 PM Mountain Time. The Lessee Information Sheet will be included with the invoice.

The New Mexico State Land Office processes and issues the lease documents directly. The general timeframe is 5 – 7 business days following the sale. The effective date of the lease is the first day of the month following the auction.

Click here to view government agency nomination information.

Contact the Government Resources Team with any questions at government@efficientmarkets.com or (866) 364-4688.