Government of British Columbia

Government of British Columbia

March 25, 2010 12:48 ET

Government of British Columbia: $13 Million for March Natural Gas and Petroleum Sale

VICTORIA, BRITISH COLUMBIA--(Marketwire - March 25, 2010) -

INFORMATION BULLETIN

2010EMPR0008-000321

March 25, 2010

Ministry of Energy, Mines and Petroleum Resources

$13 MILLION FOR MARCH NATURAL GAS AND PETROLEUM SALE

VICTORIA - The March 2010 natural gas and petroleum sale resulted in $13.4 million in bonus bids.

The March 24 sale offered 77 parcels in northeast B.C., covering 25,171 hectares, and sold 66 parcels covering 18,736 hectares. The average price per hectare for this sale is approximately $715.

The key parcels in the sale included:

- Four leases for deep rights in the Blair Creek area, about 105 km northwest of Fort St. John, with per-hectare bids ranging from $4,411 and $7,260 per hectare for a total of nearly $6.1 million.

- Two leases in the eastern portion of the Horn River Basin, about 70 km northeast of Fort Nelson totalling nearly $1.1 million with per-hectare bids of $1,333 per hectare and $2,813 per hectare.

Leases provide the exclusive right to produce natural gas and petroleum. They are acquired by the successful bidder at the Crown Sale, or selected from Permits and Drilling Licences. Primary terms are five or 10 years, depending on location.

The next sale is scheduled for April 21, 2010, and will offer 30 parcels covering 27,074 hectares.

B.C. continues to be one of the most competitive natural gas jurisdictions in North America, thanks to the Province's strong stimulus package. The 2009 calendar year total was just under $893 million, making it the third-best calendar year total in history.

Complete results of the sale are posted on the website of the Ministry of Energy, Mines and Petroleum Resources:

www.em.gov.bc.ca/Subwebs/landsale/results/default.htm.

For more information on government services or to subscribe to the Province's news feeds using RSS, visit the Province's website at www.gov.bc.ca.

Contact Information

  • Ministry of Energy, Mines and Petroleum Resources
    Jake Jacobs
    Media Relations
    250 952-0628
    250 213-6934 (cell)
    www.gov.bc.ca