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Oil and Gas Land Rights Sales Set Fiscal Record

By 250 News

Thursday, March 26, 2009 11:25 AM

Prince George, B.C.- The fiscal year of 08/09 has turned out to be a multi record breaker when it comes to oil ad gas land rights sales.
 
There were $15 million in bonus bids yesterday to close the fiscal year with  an all-time high of $2.4 billion, more than double last year's record-setting pace, says Energy, Mines and Petroleum Resources Minister Blair Lekstrom.
 
"The records shattered by the 2008-09 oil and gas land rights sales underscore the unprecedented growth of the B.C. energy sector," says Lekstrom. "Investors recognize the oil and gas resource potential in
B.C. evidenced by records like an incredible $33,649 per-hectare bid for a drilling licence. Projects such as the $187-million Sierra Yoyo Desan road upgrade and our royalty program incentives make B.C. a very
attractive place to invest in oil and gas."
 
The $2.4-billion 2008-09 fiscal year total trumped the previous record-breaking year by $1.2 billion, and broke every tracked record for oil and gas land rights sales in B.C. This is in addition to the record-setting 2008 calendar year total of $2.66 billion.
 
Two significant northeastern geological areas accounted for an amazing 80 per cent of the 2008-09 sales; the Horn River Basin, renowned for shale gas, and the Montney Shale Formation, known for its petroleum and
natural gas plays contributed over $1.9 billion worth of sales.
 
The March 25 sale offered 33 parcels in northeast B.C. covering 13,594 hectares, and sold 27 parcels covering 12,054 hectares. The average price per hectare was $1,246.
 
 
The first sale for the 2009-10 fiscal is scheduled for April 22, 2009 and will offer 24 parcels covering 29,009 hectares.
 
 
In addition to the fiscal year total breaking records, there were other significant milestones set by the 08/09 year:
 

Highest monthly land rights sale

New Record/Highlight: $610 million - July 2008
Old Record:
$441 million - May 2008
$417.98 million - September 2003
 
Highest average price for an individual parcel (drilling licence)
New Record/Highlight: $33,649/hectare - July 2008
Old Record: $25,384/hectare - May 2008
 
Highest average price for a lease parcel
New Record/Highlight: $24,690/hectare - July 2008
Old Record: $22,305/hectare (lease) - August 1980
 
Price/hectare overall average price for fiscal year
New Record/Highlight: $3,710.09/hectare
Old Record: $1,863.56/ha 2007-08
 
Highest overall average price for an individual sale
New Record/Highlight: $9,537.70/hectare - May 2008
Old Record: $2,915.35/ha - Dec. 2007
 
Highest tender bonus paid for an individual parcel in a fiscal
New Record/Highlight: $156 million - July 2008
Old Record: $102 million Dec. 2007
 
Eight of the top 20 all-time highest land rights sales occurred in 2008-09 fiscal year

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Comments

Great! The only ones who ever benefit from oil and gas is the large companies. We still pay high prices for it and it somehow always destroys the planet in one way or another. I am willing to bet that most of the investors are from other countries to. My biggest QUESTIONS are: Why the hell are we still going in the oil and gas direction?? Are we not supposed to be moving towards a cleaner, greener fuel source? Why not put this money into solar or wind? The government crams green up are arses in order to implement a new tax yet they sell off land for oil and gas. (The dirtiest fuel source there is)! Double hypocritical standards and it all revolves around MONEY PIGS. The liberals whole bla bla about how BC was going to lead the way and show the world how to lower the carbon foot print ended after they used it to sell their new carbon tax. This tax should have been called the Olympic tax all along. Al Gores video came at the most perfect time for this whole agenda.
What planet are you from shell? Go to Fort St John or Alberta and look at the number of "small guys" that make a living off the oil patch. The reason that we are "going" in the oil and gas direction is that there are currently no practical substitutes. Where is my solar car? I can agree that the more green energy the better, but do you have a clue how many windmills it would take to replace our power supply? I thought not.

Spewing green save the planet rhetoric with out any thought to a practical solution is typical of the hypocrisy of Al Gore and his disciples.
All, I go to say is. Greed.... isn't it a wonderful thing. The best part about this is that the government has found a way to pretax the oil companies. Sure go ahead try and find some oil or gas so we can tax you more.
Actually Dow7500, I am from this planet and I wrote a paper on the subject in college. There are many towns in Europe already self sufficient. Here are a couple of articles that might interest you and get you educated before you spew your old views on good caring people.

http://www.mynorth.com/My-North/March-2008/Mr-Smileys-Windmill-Wars/

http://www.huffingtonpost.com/2008/08/12/wind-power-town-trimont-m_n_118500.html


It does not matter what I believe and think anyway...I was merely stating A FACT that our government is not doing what they SAID they were going to do! Selling land off for oil and gas is NOT LOWERING OUR CARBON FOOTPRINT! And yes lots of Albertans make money on oil and gas, big freaking deal. Go to Fort McMurray and see what that has done for not only Alberta but Canada. Google it! They have wonderful images of the mess. People who live there say that it smells like they are paving roads 24/7. NICE!!! It is people like you that continue us down the wrong path. Think of our grandchildren and their children. Further more THERE ARE PRACTICAL SUBSTITUTES for people who care.
I wonder what Shellshadow uses for transportation, or how he heats his home.
omg!!!!!!!! I have geo-thermal heating, I have 20 solar panels, I have instant hot water, I have water efficient toilets, I have a hybrid. I have done my part. What about you Oilpatch? You still sucking the eath dry just because it is easier to stay ignorant than to learn to move on? THE POINT IS WE HAVE TO MOVE ON! When is the right time...when we can not buy gas anymore because the cost is to much or there is no more....WHEN? When our planet is sick and weak...WHEN?
-Solar panals=Strip mines for rare earth elements and lead for the batteries.
-Geothermal heating =Oil based products for the pipes.
-Hyprid= >60 Llbs more copper >100lbs more lead plus rare earth elements which means more strip mining including the gas you put in them.
-Not to mention the oil based products and metals in computers.

Are you really moving on shellshadow? or did you line up and have some of the kool aid that the enviro cult was handing out. Doing your part your just trading one thing for another. Your trading oil and gas for mines.
shellshadow You believe Gores hollywood movie? Do you believe every hollywood movie. Everything in Gores movie has been discounted by real science not political money grubbing science. The climate is variable and cyclic. In the 70's the scare was another ice age. It will take 30 to 40 years to move to other core sources of energy. Gore is making millions off his globull scam. Ask yourself, why won't he debate. If it wasn't for fossil fuels you would not be enjoying the quality of life that you now have. Are you going to keep your hybrid toy past its warranty or pawn it off for someone to pay for its highcost upkeep.
Don't you just love the pompous, holier than thou, eco Nazi's. If you don't drive a hybrid, your "sucking the earth dry", "stay ignorant". Whatever. If only the rest of us had written a paper in college on the topic.