May Sale of Natural Gas & Petroleum Rights

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The May sale of natural gas and petroleum rights in Northeast BC resulted in over $76 million in bonus bids, more than seven times the May sale of last year, and slightly more than the total for the first five months, of 2009.

The sale also pushes this year’s five month calendar year total to nearly $205 million, which Energy Minister Blair Lekstrom says shows, that BC is leading the Canadian economic recovery.

92 of the 96 parcels offered were sold yesterday, covering more than 45 thousand hectares.

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That put the average price per hectare for this sale at more than $16 hundred, although there were per hectare bids of more than $8 thousand for five leases, about 100 kilometers north of Hudson’s Hope.

They were in the Blair Creek Field, and the total purchase price was more than $12 million.

The next sale, on June 23rd, has the potential of being a big one, with 117 parcels offered, covering more than 140 thousand hectares.

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