The September 2011 petroleum and natural gas sale resulted in $17.2 million in bonus bids, bringing the calendar year total to over $123 million.
 
The Sept. 14 sale offered 20 parcels in northeast B.C. covering 9,325 hectares. Sixteen parcels covering 8,191 hectares were sold. The average price was approximately $2,104 per hectare.

Key parcels in this month's sale included:

• A drilling licence in the Aitken Creek-Birch area, 90 kilometres northwest of Fort St. John, for a total tender bonus of almost $5.7 million and an average price per hectare of approximately $2,011.
• Nine leases in the Blair Creek area, 95 kilometres northwest of Hudson's Hope, with bids ranging from $2,019 to $5,505 per hectare, for a total tender bonus bid of over $8.2 million.
  

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, and primary terms are three, four or five years, depending on location.
     
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.
      
Petroleum and natural gas activities play a vital role in B.C., generating significant wealth and employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding social programs and infrastructure development in communities throughout the province.
 
The next sale, scheduled for Oct. 12, 2011, will offer 27 parcels covering 35,565 hectares.

Complete results of the sale are posted at: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx

Contact:

Sandra Steilo
Ministry of Energy and Mines
250 952-0617