B.C. pulls in $450,000 at April oil and gas land sale

Industry picked up four leases and one drilling licence at B.C.'s monthly sale of Crown petroleum and natural gas rights this week.

The four leases netted $256,225 in bonus bids, covering 1,616 hectares at the April 24 sale.

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Buffalo Hill Resources picked up three of the leases, covering 779 hectares in the Wilder Creek area, for $20,200. Concourse Petroleum picked up an 837-hectare lease near Laprise Creek for $235,948.

The drilling licence sold for $176,480. Buffalo Hill picked up the 788-hectare licence in the Flatrock and Golata Creek area.

Industry bought 2,404 hectares overall in April, at average price of $179.99 per hectare.

With rent and other fees, the province took in $450,084 for the month, bringing its year-to-date total to just under $2.5 million.

At this time last year, the province had generated $16.2 million in revenues through the first four land sales of 2018.

Year over year, sales this month were up from April 2018, but not by much, when the province generated $202,600 from one drilling licence and four leases.

The next sale is scheduled for May 22, with three leases and nine drilling licences on offer. 

For this month's results, click here.

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

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