July Gas And Oil Sale Struck Gold

By 250 News

Prince George, B.C. -  The B.C. Ministry of Energy, Mines, and Petroleum Resources says its natural gas and petroleum sale this week exceeded expectations.

The Ministry says of the 37 parcels offered for sale, 31 were sold, resulting in over $53-million dollars in bonus bids.  This brings the calendar year-to-date total in such sales to more than $662-million dollars.

The 31 parcels cover more than 38-thousand hectares in northeastern B.C..  Here are some of the key acquisitions:

• Rights located south of the Inga Gas Field, 45 kilometres northeast of Hudson's Hope, with a per-hectare bid of over $3,800 for a total bonus bid over $16 million.
• Deep rights in the Blueberry Gas Field, 90 kilometres northwest of Fort St. John, with a per-hectare bid of over $2,500 for a total of over $14 million.
• Deep rights located in the Swan Lake Gas Field, 30 kilometres southeast of Dawson Creek, with a per-hectare bid of over $8,000 for a total bonus bid of over $3.5 million

Successful bidders at the Crown Sale can acquire drilling licences, giving them the exclusive right to explore for natural gas by drilling wells for primary terms of three, four, or five years.  Leases providing the exclusive right to produce natural gas and petroleum can also be acquired by the successful bidders for terms of five or 10 years.

The August sale will offer 81 parcels covering 34,349 hectares.

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