Massive oil and gas land sale peps up northern B.C. marketFebruary 22, 2017 6:58 pm
When bidding closed on B.C.’s oil and gas land sale in January, Gregg Scott was pleasantly surprised.
For two years, the monthly auctions have been anemic. Oil and gas companies have cut drilling programs since the collapse in prices, and with demand slack, companies like Scott Land & Lease are spending less on drilling rights and leases for their clients.
Then, in a single sale January 18, B.C.’s petroleum and natural gas rights auction raised more money than every auction in the last two years combined.
Eight drilling licences brought in $39.6 million, including a record-setting $35 million parcel east of Dawson Creek.
Categorized in: Western Investor