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Home Energy News March land rights sale sees slight increase over February

March land rights sale sees slight increase over February

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FORT ST. JOHN, B.C. – The March 2017 natural gas and petroleum rights sale saw a small increase in the value of land rights purchased over February of this year.

On March 22nd, a total of 12 parcels of land rights were sold over 8,201 hectares, with an average price of $588.42 per hectare. The total amount of money headed for provincial coffers was $4,863,613.19. That number is a slight increase over February, when $3.7 million was sold, though it still falls short of the $39.6 million purchased in January.

The highest value parcel in the sale was a drilling licence in the Sundown – Bissette Creek area, approximately 30 kilometres southwest of Dawson Creek. This parcel earned over $2.2 million at a price of $2,589.97 per hectare, and was purchased by Scott Land and Lease Ltd.

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Drilling licences provide the exclusive right to explore for petroleum and natural gas by drilling wells and are acquired by the successful bidder at the Crown sale. The licenses are usually for terms of three, four or five years, depending on the location.

Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or are selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.

The next sale, scheduled for April 19th will see 11 parcels up for sale covering 8,402 hectares.

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