The March 2017 natural gas and petroleum rights sale resulted in $4.8 million in bonus bids.
On Mar. 22, 2017, 12 parcels were sold covering 8,201 hectares, with an average price of $588.42 per hectare.
The highest value parcel in the sale was a drilling licence in the Sundown – Bissette Creek area, approximately 30 kilometres southwest of Dawson Creek. This parcel earned over $2.2 million in tender bonus at a price of $2,589.97 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 Apr. 19, 2017, will offer 11 parcels covering 8,402 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