Last oil and gas rights sale ends '09 with a bang

December’s oil and gas rights sales netted just under $172 million dollars in bonus bids.

That number is up from November’s sale of just less than $20 million. December’s numbers bring the 2009 calendar year to a total of $893 million.

Minister of Energy, Mines and Petroleum Resources, Blair Lekstrom says this is the third-best calendar year total in history.

Last year, the total amount of bonus bids resulted in more than two billion dollars.

The December 16th sale offered 98 parcels in northeast B.C. covering 50,202 hectares, and sold 91 parcels covering 48,280 hectares.  The average price per hectare was $3,569.

The key parcels in the sale included six drilling licenses in the Western Horn River Basin, with bids of between $1,176 and $7,109 per hectare that totaled over $121 million.

There were also 61 leases in the Blair Creek area, approximately 90 km north of Hudson’s Hope, that totaled more than $49 million, with a per hectare bids ranging between $1,022 and $4,670.

Meanwhile, The ministry conducted a survey of producers to determine the impact of the 2009 Oil and Gas Stimulus package.

The survey shows the stimulus package has encouraged surveyed producers to increase their expected 2010 investment by $0.6 billion, to a total of $2.1 billion in 2010.

The survey also indicated that the stimulus has given surveyed producers the incentive to increase their expected 2010 wells by 105.

The next sale is slated for Jan. 20, 2010 and will offer 20 parcels covering 10,745 hectares.