Natural Gas and Oil Sales Net $13 Million

By 250 News

The January 2010 natural gas and petroleum sales resulted in nearly $13 million in bonus bids.

The Jan. 20 sale offered 19 parcels in northeast B.C. covering 9,444 hectares, and sold 19 parcels covering 9,444 hectares. The average price per hectare for this sale is approximately $1,372.

The key parcels in the sale included:
* Six leases in the Blair Creek area, approximately 115 kilometres north of Fort St. John. Bids of between $1,088 and $4,249 per hectare totalled over $4.7 million.
* One lease in the Sunrise Gas Field area, located 20 kilometres northwest of Dawson Creek, with a per-hectare bid of over $20,687 per hectare, for a total of over $5.3 million.

Leases provide the exclusive right to produce petroleum and natural gas and 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 Feb. 24, 2010 and will offer 22 parcels covering 15,374 hectares.

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