June oil & gas rights sale in BC is the best this year

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Thursday’s sale of natural gas and petroleum rights in Northeast BC, in terms of bonus bids, was nearly double the total size of the previous five months this calendar year.

There were 108, of the 117 parcels offered, covering more than 134 thousand hectares, that sold for over $404 million bringing the six month calender year total to over $609 million.

It was the fifth largest sale in B.C. history, and the first since Bill Bennett took over the provincial Energy portfolio from Blair Lekstrom.

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Mr. Bennett says interest of this magnitude is strong evidence, that post-recession-BC is a very attractive place for informed investors.

The key parcels in the sale included 21 for deep rights, in an area about 150 kilometers northeast of Fort Nelson.

Together they garnered over $260 million in bonus bids, with per hectare prices ranging beyond $13 thousand.

The full sale average price per hectare was just over $3 thousand.

The next sale on July 21st will offer 37 parcels covering more than 38 thousand hectares.

 

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