B.C. land sale brings in $2.37 million in October

B.C. posted a second-straight multi-million dollar sale of Crown petroleum and natural gas rights in October.

Industry paid $2.37 million in bonus bids on Wednesday, Oct. 9, picking up five leases covering 2,369 hectares.

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Aduro Resources Ltd. was the biggest player at the sale, picking up four leases in the Monias area for a combined $2.04 million.

Buffalo Hil Resources picked up the other lease, 1,313 hectares across two tracts in the Flatrock area, for $333,856.

Industry paid an average of $1,002 per hectare. With rent and other fees, the sale brought in $2.39 million for the month.

The province has now taken in roughly $13.5 million in bonus bids to date this year, compared to the nearly $62.5 million it saw through this time last year.

It's been a sluggish year for 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 high of $8.3 million in September.

The province has two sales left in the calendar year to raise at least $3 million and avoid setting a new historic yearly low.

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

The next sale is scheduled for Nov. 13, with one drilling licence and one lease on offer. 

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

@ Copyright Pipeline News North

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