Gas Rights Sales Hit New Record In BC

By 250 News

Ft St John - The Feb. 20, 2008 sale of oil and gas rights brings B.C.'s

fiscal year total to an all-time high of $1.07 billion. The $116.9

million generated in bonus bids makes it the first time the province 

has reached over $1 billion in land rights revenues in a fiscal year 

and follows a billion-dollar, record-setting 2007 calendar year, 

Energy, Mines and Petroleum Resources Minister Richard Neufeld 

announced today.

The fiscal year total of oil and gas rights for 2007-2008 surpasses the

previous record of $625.7 million set in 2003-2004.  

Sixty-six parcels covering 53,555 hectares were offered in the Feb. 20,

2008 sale, and bids were accepted on 65 parcels for an average price of

$2,214 per hectare.

The key areas in the sale were a group of six drilling licences located

within the Horn River Basin north of Fort Nelson that generated bids

totaling more than $67 million.  In addition, two drilling licences

south of Fort St. John collected over $18.5 million on average prices 

in the $10,000 per hectare range.  A lease parcel near the Buick Creek

field north of Fort St. John earned over $1 million averaging over

$3,764 per hectare.

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