$37 Million in Oil and Gas Land Right Sales

The Provincial Energy Ministry says yesterday’s August, oil and gas land rights sale, resulted in only 37 million dollars in bonus bids, raising the calendar year total to 321.7 million.

The average price per hectare of the 41 parcels sold, was less than $1,800. However, five drilling licences on parcels 20 to 50 kilometers east of Chetwynd, ranged from 3,100 to 6,000 dollars per hectare.

Still the monthly total was less than 10 percent of last August’s nearly 502 million dollar sale…the second largest in BC history.

In addition, the year-to-date total, is less than 20 percent of the 8-month total, of more than 2 billion dollars last year when seven of the top ten monthly sales were recorded.

The next sale is set for September 16th, and will offer 34 parcels covering nearly 16,000 hectares.