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Friday, February 22, 2019
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Home Energy News Not a lot spent for lots of properties in October's petroleum land...

Not a lot spent for lots of properties in October’s petroleum land rights sale

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FORT ST. JOHN, B.C. – Though there was a decent number of properties that were on the auction block in this month’s petroleum and natural gas land rights sale, there wasn’t a lot of money spent for them.

In Wednesday’s auction, the provincial government netted $2,135,976.01 from the sale of five drilling licenses and eight leases. Overall, there were six drilling licenses and 11 leases up for bid, totalling just over 9,200 hectares.

The costliest parcel was a 1,029-hectare drilling license acquired by Contiguous Resources Ltd. $779,724.75. That works out to $757.75 per hectare.

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So far this year, petroleum land rights auctions have brought in just $62,595,725.53. That number, while still more than the roughly $33.6 million paid for land rights in 2015 and 2016 combined, is still well below the $173 million the Province earned last year.

The next petroleum land rights sale is taking place on November 14th, when two drilling licenses and four leases will be put up for auction.

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