Oil and +Gas Rights Sales Shatter Old Record

Friday, December 14, 2007 03:58 AM

The Dec. 12, 2007 sale of oil and gas rights in northeast British Columbia capped a record-breaking year for the province. The $401 million generated in bonus bids brought the year-end total to over $1 billon in revenue says Energy, Mines and Petroleum Resources Minister Richard Neufeld.

The sale of oil and gas rights for 2007 shatters the previous record of $647 million set in 2003. A total of 595,559 hectares were disposed in 2007. The overall average price for 2007 of $1,758 per hectare breaks the 2005 record of $922 per hectare.

"The average price per hectare in B.C. is higher than anywhere else in Canada," said Neufeld. "The record-setting pace can be attributed to soaring industry confidence, surging interest in our unconventional resources, and booming investment in exploration and infrastructure."

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Posted on Friday, December 14, 2007 03:58 AM in News by 250 News

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Comments

Posted by: acrider54 on December 14 2007 6:08 AM

Right on! A perfect reason to raise prices.

Posted by: Eagleone on December 14 2007 1:50 PM

Makes one wonder how the Lower Mainland will spend that $400 million dollar windfall from the Peace country? I can think of some infrastructure needs in the north if they would be so kind....