If the commissioner decides to conduct the public auction by oral bid, this section shall govern the bidding process.
- A. Bidders shall register with NMSLO and obtain an identification number pursuant to the instructions in the notice of sale.
- B. Bidders shall make their bids orally at the time and place specified in the notice of sale.
- C. The bidder offering the highest bonus shall be deemed the highest bidder. Provided, however, that before close of business on the day of the auction, the highest bidder must submit a completed mineral lease application to the commissioner and pay the non-refundable application fee as set forth in the schedule of fees.
- 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.
[19.2.2.17 NMAC - N, 03/14/2001; A, 06/30/2016]