The August 2016 natural gas and petroleum rights sale has resulted in $891,886 in bonus bids.

On Aug. 10, 2016, twenty-two parcels were sold covering 11,451 hectares, with an average price of $77.89 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 Sept. 7, 2016, will offer 19 parcels covering 22,330 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