It may not last forever, but right now, oil and gas production in New Mexico is the gift that keeps on giving and giving and giving.

Three months of record-breaking oil and gas lease sales resulted in $429 million in revenue, according to the state land office. It's because new market rate pricing and 25% royalty fees have gone into effect — the first update in market rates in 50 years. The royalty payments to the state will come after the lease begins producing.

One of the parcels set a nationwide record of $84 million, or $132,000 an acre, which the state says will support education and other public services in New Mexico.

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