British Columbia’s land lease sales for June were $178.4 million – triple the combined sales of the last five months. Energy, Mines and Petroleum Resources Minister Blair Lekstrom stated:
“This month’s sale is triple the total sales during our last five months combined and is the ninth largest in B.C. history. It is a clear indication that there is strong investment interest in B.C.’s burgeoning oil and gas industry.”
The June 17th auction was comprised 31 parcels covering 75,281 hectares and sold 21 parcels covering 63,611 hectares with an average price of $2,804 per hectare Bids ranged from $2,100 to $11,765 per hectare with one parcel selling for $62.5 million. The parcels are located in northeast British Columbia’s Horn River Basin and provide exclusive right to explore for petroleum and natural gas by drilling wells for a term of three, four or five years, depending on location.
The next sale is scheduled for July 15, 2009 and will offer 26 parcels covering 59,281 hectares.
Globe & Mail: “Natural gas companies spend $178 million on B.C. exploration rights”
