B.C. oil and gas land sales total CAN$ 24.9 million

British Columbia’s September 2014 natural gas and petroleum rights sale resulted in nearly CAN$ 24.9 million in bonus bids, contributing to the fiscal year total with over CAN$ 68 million in total land sales.

The 10 September sale resulted in 26 parcels being sold, covering 14,728 hectares with an average price of CAN$ 1858 per hectare.

Key parcels in the sale included:

• One lease in the Kobes-Altares area, approximately 40 km north of Hudson's Hope. This parcel earned more than CAN$ 8.6 million in tender bonus at an average price of CAN$ 7559 per hectare.
• One lease and two drilling licences in the Laprise Creek area, about 150 km northwest of Fort St. John. The lease earned more than CAN$ 6.1 million in tender bonus at an average of CAN$ 3676 per hectare. Collectively, the two drilling licences earned more than CAN$ 2.3 million in tender bonus at an average price of CAN$ 2131 per hectare.
• One lease in the Nig Creek area, approximately 110 km northwest of Fort St. John. This parcel earned more than CAN$ 1.4 million in tender bonus at an average price of CAN$ 5180 per hectare.

Natural gas and petroleum activities play a vital role in the province by employing thousands of British Columbians. Revenues from rights sales provide economic benefits, funding social programs and infrastructure development in communities throughout B.C.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/15092014/bc-oil-and-gas-land-sales-in-september-2014-1408/