The January 2017 natural gas and petroleum rights sale resulted in $39.6 million in bonus bids.
On Jan. 18, 2017, eight parcels were sold covering 7,764 hectares, with an average price of $5,103.27 per hectare.
The highest valued parcel in the sale included two drilling licences a few kilometers east of Dawson Creek. Collectively, these licences garnered $37.6 million.
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 Feb. 22, 2017, will offer 11 parcels covering 8,695 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