Western Canada attracted Cdn$373.57 million in lease bonuses in 2015, the lowest on record since Wood Mackenzie began keeping track in 1993. A total of 18,104 square kilometres (4.47 million acres) were acquired in 2015, almost a 26% increase from the previous year. Despite the year-on-year increase in acreage purchased, low bid prices per acre accounted for a higher percentage of the total number of bids. As acreage prices come down, it provides an opportunity for companies with strong balance sheets to invest counter cyclically and reload on acreage at lower prices. In 2016, operators will likely look for nearby expiring acreage within core areas in the hopes of opportunistically purchasing these leases before the lease is reverted back to the Crown. Overall, we expect 2016 leasing activity to remain muted and expect similar leasing results as 2015, especially if the low commodity price environment persists throughout the full year.