The November 2010 natural gas and petroleum sale resulted in nearly $1.2 million in bonus bids, with the total for the year reaching more than $802 million.
The Nov. 17 sale offered 13 parcels covering 5,053 hectares, and sold 13 parcels covering 5,053 hectares. The average price for this sale is approximately $221 per hectare.
A key parcel in this month's sale included a lease in the Birch Oil Field, 85 km northwest of Fort St. John, with a per-hectare bid of $925 for a total of over $130 thousand.
Parcels are made available for sale by the Province following industry requests for natural gas and petroleum rights, leading to a fluctuation in the number of tenures offered each month. Sales are traditionally lower during the winter months when industry tends to increase their attention toward the development of their secured resources.
Leases provide the exclusive right to produce natural gas and petroleum. They are acquired by the successful bidder at the Crown sale, or selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.
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