IPANM (March 7, 2024) - As a result of the decision by New Mexico State Land Commissioner Stephanie Garcia Richard to abruptly suspend all future Oil & Gas premium tract leasing until her legislation calling for an increase of royalty rates to 25% is passed, IPANM's Jim Winchester has responded with following statement:

"The State Land Office has unilaterally decided to cut off future revenues to state beneficiaries and the general fund by suspending new leasing of premium tracts. IPANM strongly opposes this action especially considering the decision was abruptly announced without any consideration of the economic impact to all New Mexicans.”

--Jim Winchester, IPANM Executive Director