The February 2014 natural gas and petroleum sale resulted in over $25.3 million in bonus bids, increasing the fiscal year total to just over $200 million.

The Feb. 26, 2014, sale offered 17 parcels in northeast B.C. covering 8,955 hectares. Nine parcels were sold with an average price of $4,246 hectare.

A key parcel in this month's sale included a lease in the Buick Creek North-Prespatou area, about 80 kilometres northwest of Fort St. John. This lease earned more than $2.2 million in tender bonus at an average price of $1,010 per hectare.

The parcels of land in question are rich in resources so a large amount of money was bid on these parcels. This is partially why the February 2014 land sale is so high.

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.

Natural gas and petroleum activities play a vital role in B.C. by 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 26, 2014, will offer 23 parcels covering 12,216 hectares.

Complete results of the sale are posted at: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx

Media Contact:

Sandra Steilo
Ministry of Natural Gas Development
250 952-0617