B.C. on pace to set new historic land sale low

Industry picked up just one lease put up for grabs at this month's auctions of Crown petroleum and natural gas rights in B.C.

Buffalo Hill Resources picked up the 259-hectare lease in the Charlie Lake area for $5,500 at the June 19 sale.

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With rent and other fees, the province pulled in just $7,942.50 for the month. There were no other bids for the three other leases offered.

This month's sale puts the province on pace for setting a new historic yearly low.

The province has now taken in just $2.62 million in bonus bids to date this year. A year ago, the province had taken in $59.44 million to the same period, with $70.28 million in bonus in January-to-June 2017.

The previous record low in B.C. for an annual bonus haul was $15.19 million in 2016.

The next sale is scheduled for July 17, with just one lease being offered in the Cecil Lake area.

— with file from the Daily Oil Bulletin

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

© Copyright Alaska Highway News

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