If the commissioner decides to conduct the public auction by sealed bid, this section shall govern the bidding process.
- A. Bidders shall submit their bid to the commissioner in a sealed envelope pursuant to the instructions provided in the notice of sale. The sealed envelope shall include a completed mineral lease application, which shall be in a form prescribed by the commissioner; and payment of the non-refundable application fee as set forth in the schedule of fees. Bidders shall offer and set out the amount of their bid on the mineral lease application.
- B. Bids shall be received up to the hour set in the notice of sale, and all bids will be opened at the appointed hour.
- C. The bidder offering the highest bonus shall be deemed the highest bidder.
- D. Subject to 19.2.2.13 NMAC and 19.2.2.22 NMAC, the commissioner shall enter into a mineral lease with the highest bidder pursuant to 19.2.2.23 NMAC.
[19.2.2.16 NMAC - N, 03/14/2001; A, 06/30/2016]