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Wednesday, February 20, 2019
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Home News Weak month for natural gas bonus bids

Weak month for natural gas bonus bids

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July has resulted in another low petroleum and natural gas sale this year of just $5.1 million.

That compares to $53 million in bonus bids the same time last year.

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This month, there were 24 parcels put up for sale of which 17 were sold, covering 5,239 hectares, leaving 1,916 hectares unsold. The average parcel price was $970 per hectare.

Up for grabs were two drilling licences in the Montney Regional Trend area, about 80 kilometres north of Hudson’s Hope. The two licences had per-hectare bids of $6,149, making up approximately $3.5 million of the month’s sales.

The July sale brings the calendar year total to just more than $71 million.

The next sale in August is expected to offer significantly more parcels of land, covering a greater area.

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