B.C. earns $187,000 at May oil and gas land sale

Sales remain sluggish at B.C.'s monthly auctions of Crown petroleum and natural gas rights.

Industry spent just $166,372 at the May 22 sale, picking up five drilling licences and three leases.

Canadian Natural Resources picked up a 1,411-hectare licence northeast of Fort St. John for $44,629.

Synergy Land Services picked up four licences covering 2,256 hectares northeast of Fort St. John, for a combined total of $89,968.80

Aqua Terra Water Management picked up a 259-hectare lease in the Bear Flat area for $25,833.50

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Buffalo Hill Resources picked up a 260-lease in the Charlie Lake area for $6,700.

Synergy picked up a 64-hectare lease in the North Pine area for $2,240.

Industry bought 4,250 hectares overall in May, at average price of $39.15 per hectare.

With rent and other fees, the province took in $187,579.23 for the month, bringing its year-to-date total to roughly $2.7 million.

At this time last year, the province had generated $17.5 million in revenues through the first five months of 2018.

Year over year, sales this month were down from May 2018, when the province generated $1.3 million from five drilling licences and one lease.

The next sale is scheduled for June 19, with four leases on offer. 

For this month's results, click here.

Email Managing Editor Matt Preprost at editor@ahnfsj.ca.

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