10 million for Oil and Gas Land Rights

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Wednesday’s sale of oil and gas rights in BC generated 10 million dollars in bonus bids.

The average price was $488 per hectare, as bids were accepted on 45 of the 51 parcels offered, covering nearly 21,000 hectares.

The key parcels were three drilling licences in the South Peace, that totalled over $3.8 million and two leases in the Horn River Basin, that totalled over 1.5 million.

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The total amount generated more than doubled the May sale of 2007 but it paled in comparison, to the then record monthly sale, last May, worth more than 441 million.

That is more, than six times the combined total, of all five monthy sales this year…about 68 million. The 2007 sale for the same month was less than $5 million.

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