The March 2012 petroleum and natural gas sale resulted in $24.3 million in bonus bids, ending the fiscal year total at $286.6 million.

The March 28 sale offered 50 parcels in northeast B.C. covering 27,405 hectares. Thirty-four parcels covering 17,179 hectares were sold. The average price was approximately $1,415 per hectare.

Key parcels in this month's sale included:

• Nine leases located in the Julienne Creek/Lily Lake area about 135 kilometres northwest of Hudson's Hope. Collectively, these nine leases earned $18.3 million in tender bonus at an average price of $7,222 per hectare.
• Two leases located in the Doe/Parkland area about 25 kilometres north of Dawson Creek. Collectively, these two leases earned $2.2 million in tender bonus at an average price of $4,327 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 April 25, 2012, will offer five drilling licences covering 3,200 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