Blogs & Comment

A whopper of a sale

We reported about B.C.s boom in oil and gas rights revenue in the March 31, 2008 Briefcase, but things have heated up considerably since then. The provinces March 26 oil and gas rights auction brought in $152 million in bonus bids. This brings B.C.s oil and gas rights revenue total for fiscal 2007-2008 to a record high of more than $1.2 billion, according to a releaseissued by B.C.s Ministry of Energy, Mines and Petroleum Resources.
81 parcels were offered in this auction, and as expected, the major bids came in for three drilling licences in the Horn River Basin in northeastern, B.C. They fetched $22.9 million, $15.8 million and $12.4 million. A complete list of sale results can be found here.
The next auction is set for April 23, 2008. 41 parcels will be offered, which will cover only about one third of the number of hectares available in the March sale.