Paul Martin's Business News February 21st, 2014

Paul Martin's Business News February 21st, 2014

With the price of oil topping the $100 mark these days, interest in land holdings is also on the rise.

The provincial government auctions off the rights to explore and develop oil and gas properties a half dozen times a year. The latest sale took place earlier this month and brought in nearly $51 million. That is roughly five times the amount for the same sale last year.

The Bakken field in the southeast again attracted the bulk of the attention, accounting for more than 90 percent of the revenue. There was particular interest along the Canada-US border. As the lion’s share of the Bakken formation lies in North Dakota, things that start down there tend to spark activity up here.

The sale accounted for nearly half of the revenue derived from these auctions for the entire fiscal year for the government which has been feeling the pinch of softer resource income. This particular sale is no doubt a welcome development, representing a sharp increase in spending by companies looking to expand their reserves. . #wetellyourstories #canada #businessnews #paulmartin #oil #land #resources www.martincharlton.ca