BC’s August land sales bring in over CAD 366,000
The August 2015 natural gas and petroleum rights sale resulted in $366,543.31 in bonus bids.
The August 12, 2015, sale resulted in six parcels being sold, covering 2,497 hectares with an average price of $149.79 per hectare, according to the British Columbia’s Ministry of Natural gas development.
The highest bid per hectare was a drilling license in the Tommy Lakes area, about 165 kilometres northwest of Fort St. John. The parcel earned $209,017.08 in tender bonus at an average price of $250.62 per hectare.
Drilling licenses 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 selected from permits and drilling licenses. Primary terms are five or 10 years, depending on location.
Revenues from rights sales provide immediate economic benefits, funding social programs and infrastructure development in communities throughout the province.
The next sale, scheduled for September 9, 2015, will offer 16 parcels covering 8,300 hectares.