OIl and Gas Rights Sales High

Saturday, September 15, 2007 03:59 AM

The Sept. 12, 2007 sale of oil and gas land rights in British Columbia resulted in $265.2 million in bonus bids and set a new record for British Columbia with an average price per hectare of $2,773, announced today.

"This is the second highest sale total in the history of the province," said Energy, Mines and Petroleum Resources Minister Richard Neufeld.

Eighty-one parcels covering 97,815 hectares were offered with bids accepted on 73. The total of this sale is second only to the $418 million sale in September 2003. This month's average price per hectare surpasses the old record of $2,322 in September 2003. This month's sale also had the highest ever drilling licence price average at $3,028 per hectare.

One of the key parcels in the sale was located in the Horn River Basin, 55 km northeast of Fort Nelson. It generated a bid of more than $21.4 million. In addition, four parcels near Sunset Prairie each generated nearly $5,300 per hectare.

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Posted on Saturday, September 15, 2007 03:59 AM in News by 250 News

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Comments

Posted by: YamaDooPolCat on September 15 2007 7:26 AM

Hope they find oil, we are going through the stuff we have real fast.

Posted by: astro on September 15 2007 4:31 PM

Canada exports about 65% of its petroleumproducts to the US. We export so much that we have to import it from the Middle East to meet our needs. The country needs a national energy plan to determine what will be used in the future and where it will come from.