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Sandoval County to buy two state land oil-and-gas leases to protect planned economic-development sites
Summary
The Board of County Commissioners approved two resolutions to purchase oil-and-gas exploration leases on state trust land covering Section 36 and Section 32 to clear land held for economic development; the county will pay about $50,000 per lease and use refinancing cash flow to cover the outlay, officials said.
Sandoval County commissioners voted unanimously to buy two oil-and-gas exploration leases on state trust land that overlap parcels the county hopes to develop for economic projects.
The action, approved by roll call late in the meeting, directs the county to purchase exploration leases on Section 36 and Section 32 from a Roswell-based firm that holds the leases and then abandon those leases so the county’s negotiated economic-development leases can proceed.
Rob Burpo, of First American Financial Advisors, told commissioners the county discovered the exploration leases in meetings with the State Land Office on Sept. 29 and…
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