The February 2012 petroleum and natural gas sale resulted in $24.2 million in bonus bids, bringing the fiscal year total to over $262 million.

The Feb. 22 sale offered 18 parcels in northeast B.C., covering 20,861 hectares. Seventeen parcels covering 20,578 hectares were sold. The average price was approximately $1,177 per hectare.

Key parcels in this month's sale included:

• Two large drilling licences covering 12,871 hectares, located in the Bivouac area, about 160 km southeast of Fort Nelson. Collectively, these two licences earned $11.7 million in tender bonus at an average price of $904 per hectare.

• Two drilling licences covering 2,536 hectares, located in the Beg/Birch area, about 100 km northwest of Fort St. John. The tender bonus for these licences is $7.9 million at an average price of $2,799 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 March 28, 2012, will offer 50 parcels covering 27,405 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