No let-up in Alberta land grab

Gary Park

Petroleum News Calgary correspondent

The pursuit of exploration rights continues unabated in Alberta, with the latest auction of provincial government leases reaching almost a four-year high.

The sale of petroleum, natural gas and oil sands rights fetched C$95.11 million, just C$2.08 million short of the previous best result in May 2001.

Successful bidders obtained access to 571,371 acres, the largest amount of acreage since November 2003 when 642,630 acres were auctioned.

The 749 parcels on the block set a new all-time record, surpassing the 722 parcels in a March 1997 sale.

For the year to date, the Alberta government has collected C$329.1 million from 2.24 million acres, compared with C$214.9 million from 2.06 million acres for the same period of last year.

Interest was especially strong in the Pembina region of west-central Alberta, where Four West Land Consultants paid C$5.26 million for 1,898 acres and Britt Resources acquired 2,530 acres for C$2.46 million.

Overall, parcels in the Pembina area, which offers both oil and gas prospects with an emphasis on deeper zones, attracted combined bids of C$11.78 million.