The March 2016 natural gas and petroleum rights sale has resulted in $1,898,601 in bonus bids, bringing the fiscal year total to $15,930,804.

On March 23, 2016, 10 parcels were sold, covering 6,038 hectares with an average price of $314 per hectare.

The highest bids per hectare were for four drilling licences and one lease in the Laprise Creek – Black Creek area. The parcels collectively earned more than $1.7 million in tender bonus at prices ranging from $284 to $554 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.

The next sale, scheduled for April 20, 2016, will offer 18 parcels covering 6,021 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/2016-sale-results