The June sale of petroleum and natural gas rights raised $9.8 million in revenue for the province at an average price of $570 per hectare. After three sales in 2015, land sale revenues total $32.7 million.
The Government of Saskatchewan continues to make it easier for the oil and gas industry to conduct business in the province. This fall, the final two modules of the Integrated Resource Information System (IRIS) will be implemented, enabling industry to conduct some of their regular business activities with the government online, including managing their oil and gas dispositions and submitting confidential land sale bids securely.
“Oil and gas operates 24 hours a day,” Economy Minister Bill Boyd said. “Offering online self-service to industry for some of their day-to-day activities with the province recognizes that business is conducted anytime and anywhere with an Internet connection. We are committed to competitive, stable royalties and regulatory environments, as well as lower taxes, which have created one of the best places for energy investment in North America. Along with a world-class supply chain and making our services more accessible through IRIS, Saskatchewan continues to be a great place to invest in oil and gas.”
The June sale saw the Weyburn-Estevan area receive the most bids with sales of $6.1 million. The Lloydminster area was next at $1.9 million, followed by the Swift Current area at $1.4 million and the Kindersley-Kerrobert area at $398,141.
The highest price paid for a single parcel was $1.1 million. Plunkett Resources Ltd. acquired the 259-hectare lease southeast of Estevan. The highest price on a per-hectare basis was $5,111. Highrock Resources Ltd. bid $330,937 for a 64.75-hectare lease south of Stoughton.
To learn more about IRIS and the implementation of the two business modules—the Petroleum Tenure Module and the Well and Facility Infrastructure Module—taking place in the late fall of 2015, visit https://iris.gov.sk.ca.
The next sale of Crown petroleum and natural gas rights will be held on August 10, 2015.