B.C. posts best land sale of 2019 in September

B.C.'s monthly sale of Crown petroleum and natural gas rights saw an $8.3 million lift in September thanks to the sale of a drilling licence in the Halfway River area.

Industry paid $8.97 million in bonus bids for the month, the most successful sale of the year so far for the province in terms of returns.

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The biggest grab was by Contiguous Resources, which paid $31,477 per hectare for the 264-hectare drilling licence near Halfway River.

Synergy Land Services picked up the other drilling licence sold this month, paying $106,909 for 569 hectares in the Upper Halfway area.

Two leases were sold.

Concourse Petroleum paid a bonus bid of $320,152 for two tracts covering 1,395 hectares in the Martin area.

Elk Run Resources paid $234,910 for four tracts covering 1,135 hectares in the Kobes and Gundy Creek areas.

Industry paid $8.97 million in bonus bids, or $2,668 per hectare. With rent and other fees, the province brought in $8.99 million for the month.

The province has now taken in close to $12 million in bonus bids to date this year — far short of the nearly $61 million it saw through this time last year. 

It's been a sluggish year for land sales in B.C., which saw zero revenue in February, March, and July.

Sales have ranged from a low of $5,500 in bonus bids in June, and a previous high of $2 million in January.

The next sale is scheduled for Oct. 9, with five leases on offer. 

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

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