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FORT ST. JOHN, B.C. – The May 2017 natural gas and petroleum rights sale saw a decrease in the value of land rights purchased compared to the previous month.

On May 17th, a total of eight parcels of land rights were sold over 3,143 hectares, with an average price of $1,085.42 per hectare. The total amount of money headed for provincial coffers was $3,430,627.31. That number is so far the lowest seen this year, though it still ranks above most of the numbers in all 12 months of 2016.

The highest value parcel in the sale was a lease that was purchased by BASM Land & Resources Ltd. This parcel earned $2,789,864.00, at a price of $5,283.83 per hectare.

Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells and are acquired by the successful bidder at the Crown sale. The licenses are usually for terms of three, four or five years, depending on the location.

Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or are selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.

The next sale, scheduled for June 22nd will see nine parcels up for sale covering 3,147 hectares.

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