The January 2012 petroleum and natural gas sale resulted in $32.1 million in bonus bids, bringing the fiscal year total to over $238 million.

The Jan. 18 sale offered 25 parcels in northeast B.C. covering 29,974 hectares. Eighteen parcels covering 24,212 hectares were sold. The average price was approximately $1,328 per hectare.

A key parcel in this month's sale included a 284-hectare drilling licence located in the West Blueberry area, approximately 85 km north of Hudson's Hope. The tender bonus for this licence was $1.8 million at a price of $6,397 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 Feb. 22, 2012 - will offer 19 parcels covering 21,130 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