N.M. Code R. § 19.25.13.34
The holder of a replacement plan may submit an application to the state engineer at any time during the term of the replacement plan to amend or renew the replacement plan. Upon state engineer determination that the permanent acquisition of a senior water right to replace the depletions caused by the exercise of an out-of-priority water right is not required, or upon a showing of a good faith effort to permanently acquire a senior water right in the absence of such a determination, the state engineer may approve the renewal or amendment of a replacement plan in the same manner as set forth in Section 19.25.13.33 NMAC, after a review of any new information or evidence of changed conditions submitted in support of the application.
N.M. Code R. § 19.25.13.34