B.C. returns from stratosphere

Gary Park

Petroleum News Calgary correspondent

Having scaled some dizzying heights in September, British Columbia landed with a thud at its October auction of petroleum and natural gas rights, collecting a mere C$18.5 million compared with the previous month’s C$466.3 million — a single sale record for Canada.

But Saskatchewan seized the spotlight this month, taking in C$36.77 million, its largest returns in nine years, with a total of 522,000 acres changing hands.

The Swift Current area led the way, with sales of C$21.7 million, followed by Kindersley-Kerrobert at C$8 million, as operators continue their chase for natural gas in the heavy-oil prone province.

To date this year, Saskatchewan has generated C$143 million in sales of exploration licenses and lease parcels, C$57 million ahead of the same period last year.

The latest British Columbia sale involved 167,000 acres, with two of the leading bids made by broker Petroland Services on behalf of unnamed clients in the Jean Marie gas formation.

Year-to-date, British Columbia has seen its auctions climb to C$619 million from C$210 million for the same period last year.