The May 2016 natural gas and petroleum rights sale has resulted in $1,282,778 in bonus bids.

On May 18, 2016, 14 parcels were sold, covering 7,219 hectares with an average price of $177.69 per hectare.

Highlights of the sale include three leases in the Lagarde area, about 45km northeast of Fort St. John. The parcels collectively earned $941, 450 in tender bonus at average prices of $238, $248 and $303 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 June 15, 2016, will offer 13 parcels covering 6,538 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