Federal Register #NMNM142036

Proposed Reinstatement of BLM Oil and Gas Lease NMNM142036 in New Mexico

This notice concerns the proposed reinstatement of a previously terminated oil and gas lease in New Mexico: - Government Buyer: - Bureau of Land Management (BLM), U.S. Department of the Interior - Lessee/OEM: - Petro-Quest Oil & Gas, LP (lessee and operator) - Lease Details: - Lease Number: NMNM142036 - Location: Eddy County, New Mexico - The lease was terminated but is now proposed for reinstatement after the lessee submitted a timely petition and paid all required rental fees - The lease will be reinstated for the remainder of its primary term - Subject to original terms and conditions, amended lease notices, and increased rates - Financial Terms: - Rental rate: $20 per acre per year - Royalty rate: 16.67 percent - Notable Requirements: - No new leases have been issued that affect these lands - The reinstatement is contingent on compliance with all original and amended lease conditions - No new products or services are being procured; this is a regulatory action regarding an existing lease - No other OEMs or vendors are mentioned

Description

The Bureau of Land Management (BLM) received a petition for reinstatement of terminated competitive oil and gas lease NMNM142036 from Petro-Quest Oil & Gas, LP. The lessee timely filed the petition and paid the required rental accruing from the date of termination. No leases have been issued that affect these lands. The BLM proposes to reinstate the lease effective October 1, 2024, for the remainder of the primary term, subject to original terms and conditions, amended lease notices, increased rental of $20 per acre, and increased royalty of 16.67 percent.

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