Natural Gas News ; Government of British Columbia: $20 Million September Natural Gas and Petroleum Sale

Natural Gas News ; Government of British Columbia: $20 Million September Natural Gas and Petroleum Sale

VICTORIA, BRITISH COLUMBIA--(http://www.investorideas.com/ energy stocks blog )  - Sept. 23, 2010) -
INFORMATION BULLETIN
2010EMPR0035-001131
Sept. 23, 2010
Ministry of Energy, Mines and Petroleum Resources
$20 MILLION SEPTEMBER NATURAL GAS AND PETROLEUM SALE
The September 2010 natural gas and petroleum sale resulted in nearly $20 million in bonus bids, bringing the calendar year total to over $780 million.
The Sept. 22 sale offered 70 parcels covering 29,863 hectares, and sold 53 parcels covering 22,212 hectares. The average price for this sale is approximately $897 per hectare.
The key parcels in the sale included:

• Two drilling licences in the Muskwa River area, 35 kilometres west of Fort Nelson, with bids of approximately $1,500 and $3,500 per hectare for a total of over $6 million.
• Four leases south of the Blair Creek Gas Field, 90 kilometres north of Hudson's Hope, with per-hectare bids between $2,800 and $4,220 for a total of nearly $4 million.

Drilling licences provide the exclusive right to explore for natural gas by drilling wells. They are acquired by the successful bidder at the Crown sale, and primary terms are three, four or five years, depending on location.
Leases provide the exclusive right to produce natural gas and petroleum. 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.
Natural gas and petroleum 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 vital social programs and infrastructure development in communities throughout the province.
The Province will be recognizing the contributions of the natural gas and petroleum sector to the B.C. economy during Oil and Gas Week, Oct. 10-16.
The next sale, scheduled for Oct. 20, 2010, will offer 25 parcels covering 11,528 hectares.
Complete results of the sale are posted on the website of the Ministry of Energy, Mines and Petroleum Resources: http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/Pages/default.aspx.
For more information on government services or to subscribe to the Province's news feeds using RSS, visit the Province's website at www.gov.bc.ca.

For more information, please contact

Ministry of Energy, Mines and Petroleum Resources
Jake Jacobs
Public Affairs Officer
250 952-0628 or 250 213-6934 (cell)
www.gov.bc.ca

 

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