Alberta sets single day land sale record

abarrelfullabarrelfull wrote on 03 Jun 2011 11:34
Tags: alberta canada upstream

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Today’s petroleum and natural gas land sale netted over $841 million and is the highest ever total from a land sale in the history of Alberta. This nearly doubles the previous high of $474 million set in December 2005. The sale also set a record for average price hectare of $3,110.85, surpassing the previous high of $2,185.03 set in July 2010.

There were 390 parcels available for today’s sale. The top earner was a licence located north east of Rocky Mountain House which sold for over $106.5 million with an average price per hectare of $13,529.70. This parcel also bought in the highest ever bonus for a petroleum and natural gas parcel. The previous high was a petroleum and natural gas parcel sold on March 23, 2011 for over $96.5 million. Six of the top 10 all-time parcel sales were set today.

“The most interesting result in this land sale is the focus on conventional oil in the Cardium formation,” said Energy Minister Ron Liepert. “This is the result of our previous changes to the royalty structure which encourages the use and deployment of new technologies in accessing the resource.”

The record sale comes just months after the province set new records for calendar year ($2.39 billion) and fiscal year ($2.56 billion) sales as well as average price per hectare ($2,185.03).

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