The October 2012 petroleum and natural gas sale resulted in over $4.1 million in bonus bids, bringing the calendar year total to over $101 million.

The October sale offered five parcels in northeast B.C. covering 5,765 hectares. Three parcels covering 5,203 hectares were sold. The average price was approximately $798 per hectare.

Key parcels in this month's sale included:

• One lease in the Bear Mountain area, about 10 km southwest of Dawson Creek. This lease earned more than $3.1 million in tender bonus at a price of $12,093 per hectare.

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 Nov. 7, 2012, will offer 13 parcels covering 8,752 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