The December 2011 petroleum and natural gas sale resulted in $60.1 million in bonus bids. The calendar year total concluded at $222.7 million.

The Dec. 14 sale offered 40 parcels in northeast B.C. covering 48,454 hectares. Thirty-two parcels covering 42,352 hectares were sold. The average price was approximately $1,421 per hectare.

Key parcels in this month's sale included: * A group of four drilling licences (covering 21,884 hectares) located in the Red Creek North-Inga area, about 32 kilometres northwest of Fort St. John. Collectively, these licences earned $44.4 million in tender bonus at an average price of $2,029 per hectare. * One 3,380-hectare drilling licence located in the Aitken Creek North area, about 110 kilometres northwest of Fort St. John. The tender bonus for this licence was $6.3 million at an average price of $1,862 per hectare.

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.

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 Jan. 18, 2011, will offer 25 parcels covering 29,974 hectares.