$9.8 million for January petroleum and natural gas sale
VICTORIA – The January 2013 petroleum and natural gas sale resulted in over $9.8 million in bonus bids, bring the fiscal year total to over $68.4 million.
The January sale offered 37 parcels in northeast B.C. covering 15,386 hectares. Thirty-one parcels covering 11,786 hectares were sold. The average price was approximately $837 per hectare.
Key parcels in this month’s sale included:
Five drilling licences purchased by Landsolutions GP Inc. in the Inga area, about 70 kilometres northwest of Fort St. John. Collectively, these five drilling licences earned more than $2.3 million in tender bonus at prices ranging from $1,221 to $2,310 per hectare.
Three leases in the Nig Creek-Sojer area, were purchased by Sekani Resources Ltd, and Basm Land Resources Ltd, about 120 kilometres northwest of Fort St. John. Collectively, these three leases earned more than $2.3 million in tender bonus at prices ranging from $1,587 to $1,723 per hectare.
Three leases in the Daiber area, about 100 kilometres northwest of Hudson’s Hope. Collectively, these three leases earned more than $1.7 million in tender bonus at prices ranging from $1,867 to $2,613 per hectare.No bids were received on two drilling licences and five leases parcels.
Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale or selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.
Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells; they are acquired by the successful bidder at the Crown sale; primary terms are 3, 4, or 5 years, depending on location.
Petroleum and natural gas activities play a vital role in B.C., generating significant revenues and employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, like funding social programs and infrastructure development in communities throughout the province.
The next sale, scheduled for February 20th, 2013, will offer 19 parcels covering 7,968 hectares.
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