After his election night victory, Premier Gordon Campbell says he will not disappoint British Columbians during his third term leading the province.

"We will not let them down. We will build small business, build jobs and economic opportunities in every corner of this province."

The Liberals have won a majority government for a third straight term, beating out the New Democrats.

The election, which had been an extremely close horse race between NDP Leader Carole James and Liberal Leader Gordon Campbell, decided who will lead the province through the 2010 Olympics and a worldwide economic downturn.

Unofficial results Elections BC show the Liberals won in 49 ridings, surpassing the 43 seats needed to form a majority in the 85-seat B.C. legislature.

The NDP remain the official provincial opposition after winning 36 seats.

The fight for votes was fierce in some key provincial battleground ridings, including the Vancouver suburb of Delta South, where B.C. Attorney General Wally Oppal declared victory.

The latest figures show Oppal beat out independent candidate Vicki Huntington by a mere two votes. At one point Oppal, who now says a recount is certain, led by a single vote.

Elections BC says there were 54 spoiled ballots in the riding, something Huntington wants to be closely examined.

At dissolution there were 34 New Democrats and 45 Liberals in the B.C. Legislature. With an increase of six ridings in the 2009 election, the NDP and Liberals both gained three seats.

Rocking a victory

To the tune of the Bryan Adams hit "Can't stop this thing we started," Campbell delivered his acceptance speech at party headquarters at the new Convention Centre in downtown Vancouver.

"It is critically important to find a way to learn from one another and that's the way we're going to build the future for British Columbia and all the people who live here," Campbell said, speaking alongside his wife Nancy.

The premier addressed bridging the gaps existing in Aboriginal relations and said his party would try hard to help those suffering in the ailing forestry sector.

He said running for a third-term was inspired by his grandchild, and promised unprecedented strength for the province during the 2010 Olympics.

"In just eight months the world's eyes will be on us and the Olympic torch will go through our streets. It will not only light up our athletes, but the opportunities of British Columbia and welcome people into our home."

"This is the best place to live with the best people and the best opportunities. We will all get a gold medal."

The end of the race

Giving her concession speech from NDP headquarters in Victoria, Carole James thanked campaign supporters and volunteers, calling them the "unsung heroes" of democracy.

"There is no better measure of a citizen then standing up for what you believe in," James said.

The opposition leader said she offered her support for Gordon Campbell over the phone.

"I assured him the NDP will work for the betterment of the province we are so proud to call home," James said.

"The results are not what we have hoped for, but we will be well supported by the New Democrats that have been elected tonight. Neither the Liberals nor the NDP have a monopoly in the hearts and minds of British Columbians. Government decisions must not favour one group because everyone matters in this province."

Green Party Leader Jane Sterk also watched from Victoria. Her party, the only other to run a full slate of candidates, failed to elect any seats into the B.C. legislature. Sterk was defeated by NDP candidate Maurine Karagianis in the riding of Esquimalt-Royal Roads.

"I'm feeling fine," Sterk told CTV.

"The Green Party is building to success in 2013. It has to happen if we want to tackle the big issues and I think it'll be a breakthrough for us."

The party's best hope to win a seat in the legislature was likely the Single Transferable Vote (STV) electoral reform proposal, voted down Tuesday.

The vote could have made B.C. the first Canadian jurisdiction to adopt STV, which allows for more proportional representation than the first-past-the-post system.

The system was narrowly defeated in the 2005 election.

Battleground B.C.

The 28-day provincial election campaign has been a strenuous one for the three main party candidates.

Gordon Campbell often asserted the dominance of his reigning party by stating its "proven economic record," pointing to himself as the best person to steer B.C. through tough economic times.

He called the May 12 election "the most important decision of a generation" for voters.

The New Democrats, repeating the mantra "eight years is enough," tried to entice voters by promising better conditions for seniors, health care and education.

"It has been eight years of arrogant and out-of-touch decisions by the Campbell Liberals," James said.

"The future of our province is at stake in this election."

The NDP also promised to axe the carbon tax, a move heavily criticized by environmentalists who normally supported the party.