Over $178 million in the latest Oil and Gas Land Rights Sale

By far the biggest Oil and Gas Land Rights sale of the year occurred Wednesday in BC.

It resulted in more than $178 million in bonus bids and that was more than two and half times, the $68 million total for the five previous months.

According to Energy Minister Blair Lekstom it is also the 9th largest monthly sale in BC history. 21 of the 31 parcels offered, covering just over 75,000 hectares were sold putting the average price per hectare at just over 2,800.

However, the key parcels were eight drilling licences in the Horn River Basin, about 30 kilometers north of Fort Nelson, which sold for more than $173 million.

Those bids went as high as $11,765 per hectare and one parcel went for more than $62.5 million.

The next sale is scheduled for July 15th and will offer 26 parcels covering nearly 60,000 hectares.

For Minister Blair Lekstrom’s reaction, Click Here