--- title: "Garnet Energy Capital Earns Success at Record Breaking BLM Oil and Gas Lease Sale | DVN Stock News" type: "News" locale: "en" url: "https://longbridge.com/en/news/287965200.md" description: "Garnet Energy Capital, through its affiliate Veer Capital Partners LLC, emerged as a leading buyer in a record-breaking BLM oil and gas lease sale, securing 240.70 net acres for approximately $26.77 million. The sale generated total bids of around $4.008 billion, reflecting strong demand in the New Mexico Permian Basin. Garnet's Managing Member, Vignesh Proddaturi, emphasized the significance of this acquisition for the company's long-term growth strategy in the region." datetime: "2026-05-28T12:03:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287965200.md) - [en](https://longbridge.com/en/news/287965200.md) - [zh-HK](https://longbridge.com/zh-HK/news/287965200.md) --- # Garnet Energy Capital Earns Success at Record Breaking BLM Oil and Gas Lease Sale | DVN Stock News _Collective Bids Top $4 Billion as Permian Basin Demand Reaches Historic Peak_ SANTA FE, N.M.--(BUSINESS WIRE)--The United States Bureau of Land Management (BLM) New Mexico State Office today concluded its May 20, 2026 federal oil and gas competitive lease sale, which set new records for per-acre high bids and generated total competitive bids of approximately **$4.008 billion** — an unprecedented result reflecting surging operator confidence in the Delaware Basin and broader New Mexico Permian play. The sale drew participation from major public companies, well-capitalized private operators, and emerging independents. Industry observers noted that bidding intensity exceeded even the most bullish pre-sale forecasts, with several tracts attracting bids well in excess of $300,000 per acre. **TOP BIDDERS** **Bidder** **Net Acres** **Total Bid Amount** **Notes** Devon Energy Production Company LP 16,296.69 $2,633,206,599 Public (NYSE: DVN) Federal Abstract Company 5,154.40 $1,143,009,275 Nominee\* Buffalo Frontier LLC 6,214.10 $144,103,740 Nominee\* **Veer Capital Partners LLC, a Garnet Energy Capital affiliate** **240.70** **$26,768,356** **Top Private Buyer** _\* Sources with direct knowledge of the bidding process indicate that Federal Abstract Company and Buffalo Frontier LLC participated as nominee entities on behalf of public companies._ **GARNET ENERGY CAPITAL: A STANDOUT AMONG PRIVATE OPERATORS** Among privately held entities, Houston-based Garnet Energy Capital, through its affiliate Veer Capital Partners LLC, emerged as the most successful buyer, securing 240.70 net acres across multiple tracts in a highly competitive bidding environment. Vignesh Proddaturi, Garnet’s Managing Member, said the results reflect the firm's long-held conviction in New Mexico's Permian Basin as a core growth area. _“We couldn’t be more excited about today’s outcome. The New Mexico Permian is not just a near-term opportunity — it is the cornerstone of Garnet’s long-term growth strategy along with other unconventional basins. These acreage positions give us a meaningful foothold in one of the most productive hydrocarbon basins in the world, and we intend to build on this platform aggressively.”_ _— Vignesh Proddaturi, Managing Member, Garnet Energy Capital LLC_ Proddaturi noted that the firm had been methodically evaluating the New Mexico lease sale for several months and was prepared to move with conviction on tracts it had identified as strategically valuable. Keith Wiles, Garnet’s Vice President of Land, underscored that the company is not content to rest on today’s success. _“We are well capitalized and actively looking for more opportunities across the Lower 48 unconventional plays — whether through future federal lease sales, farm-ins, or AFE/lease acquisitions. Today was a strong start, but it’s just that: a start. There is a lot more we want to accomplish in the Permian.”_ _— Keith Wiles, Vice President of Land, Garnet Energy Capital LLC_ **MARKET CONTEXT** The May 2026 sale is the latest in a string of high-demand BLM New Mexico lease auctions as operators race to secure undeveloped federal acreage in the Delaware and Midland Basins. Per-acre bid figures for premium tracts in this sale eclipsed $300,000 per acre, a level that surpasses prior records and signals continued robust operator appetite for New Mexico inventory. The BLM will process winning bids in the coming weeks before issuing formal lease agreements. Lessees are required to meet bonus payment obligations and satisfy first-year rental requirements prior to lease execution. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528318617/en/ **MEDIA CONTACT** **Garnet Energy Capital LLC** Houston, Texas deals@garneten.com Source: Garnet Energy Capital LLC ### Related Stocks - [DVN.US](https://longbridge.com/en/quote/DVN.US.md) ## Related News & Research - [TotalEnergies CEO Pouyanne: Oil imbalance may last until 2027 due to stockpile demand.](https://longbridge.com/en/news/288086472.md) - [BP is once again gripped by ‘embarrassing’ boardroom drama](https://longbridge.com/en/news/287669430.md) - [Tethys Petroleum Announces Interim Results and Corporate Update | TETHF Stock News](https://longbridge.com/en/news/287977548.md) - [American Critical Minerals Receives Final BLM Potash Prospecting Permits for 2026 Drill Program at Green River Project | APCOF Stock News](https://longbridge.com/en/news/287607149.md) - [Federal oil lease sale in Texas and New Mexico shatters US record with $4 billion haul](https://longbridge.com/en/news/287685661.md)