The February 2017 natural gas and petroleum rights sale resulted in nearly $3.7 million in bonus bids.

On Feb. 22, 2017, 10 parcels were sold covering 8,177 hectares, with an average price of $451.33 per hectare.

The highest valued parcel in the sale was a drilling licence in the Cache Creek – Stoddart West area, approximately 45 kilometers northwest of Fort St. John. This parcel earned just over $1.1 million in tender bonus at a price of $1,407.98 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 March 22, 2017, will offer 12 parcels covering 8,201 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