Oil and Gas Land Rights Sales drop this month

The February sale of Oil and Gas Land Rights has generated $17.6 million in bonus bids.

Compare that to February of 2008 when the sale generated $117 million in bonus bids. Even with the low February 2009 sales number the fiscal year total is now over $2.409 billion, which is a record.

The final sale of the 2008-2009 fiscal year is scheduled for March 25th. Two key parcels of land were included in the latest sale. One is the Noel gas field approximately 30 km northeast of Tumbler Ridge. That area saw prices per hectare around $750 and $860 for a total of $953,000. The other area is located approximately 115km north of Hudson’s Hope. That region saw 6 lease bids with per hectare prices of $3,000 and $5,100 for a total of over $6.5 million.

A total of 98 parcels covering 32,639 hectares in BC were offered in the sale, with bids accepted on 89 parcels covering 29,171 hectares. In February of 2008 66 parcels were offered covering 53,000 hectares.