Old Alberta Pembina oil field full of life - May 29, 2005

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2005

Vol. 10, No. 22

Week of May 29, 2005

Old Alberta Pembina oil field full of life

Land prices in Alberta’s booming Pembina oil play gave a lift to the May auction, with one parcel fetching a scorching C$16,700 per acre compared with only C$201 per acre across the province.

Top bidder was Canadian Landmasters Resources Services on behalf of an unidentified client, who paid C$5.28 million to secure a 316-acre parcel in the Pembina oil field, Canada’s most prolific producer over more than 50 years.

In total 347,600 acres changed hands for C$72.1 million, raising the 2005 total to C$557 million for 2.77 million acres, compared with C$470 million for 3.16 million acres to mid-May 2004, when the average per acre price was C$149.

—Gary Park

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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