VICTORIA -The June 2012 petroleum and natural gas sale resulted in $2.1 million in bonus bids, bringing the calendar-year total to over $83.6 million.
The June sale offered three parcels in northeast B.C. covering 845 hectares. The average price was approximately $2,542 per hectare.
All three parcels were leases located in the Beg area, approximately 115 kilometres north of Hudson's Hope.
Leases provide the exclusive right to produce petroleum and natural gas. They are acquired by the successful bidder at the Crown sale, or selected from permits and drilling licences. Primary terms are five or 10 years, depending on location.
Petroleum and natural gas activities play a vital role in B.C., generating significant wealth and employing thousands of British Columbians. Revenues from rights sales provide immediate economic benefits, funding social programs and infrastructure development in communities throughout the province.
The next sale, scheduled for July 18, 2012, will offer 15 parcels covering 12,827 hectares.
Complete results of the sale are posted at: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx
Ministry of Energy and Mines