The October 2015 natural gas and petroleum rights sale has resulted in $3,288,480 in bonus bids.

On Oct. 7, 2015, eight parcels were sold, covering 6,084 hectares with an average price of $540.51 per hectare.

The highest bid per hectare was a drilling licence in the Tupper Creek – Sundown – Bissette Creek area, about 30 kilometres southwest of Dawson Creek. The parcel earned $2,080,584.75 in tender bonus, at an average price of $1,012.45 per hectare.

Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells and are acquired by the successful bidder at the Crown sale. Primary terms are three, four or five years depending on location.

Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or are 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 Nov. 4, 2015, will offer six parcels covering 2,904 hectares.

Complete results of the sale are posted at:
http://www2.gov.bc.ca/gov/content/industry/natural-gas-oil/petroleum-natural-gas-tenure/sales-results-statistics/2015-sale-results