Skip to content

December oil and gas public offering raises $1.4 million in revenue

The southeast region generated the most interest with more than $900,000
The numbers are in for the December sale of Crown petroleum and natural gas rights.

REGINA - Saskatchewan's December public offering of Crown petroleum and natural gas rights, held on Dec. 7, has generated a little more than $1.4 million in revenue for the province, according to a news release issued Thursday morning.

This represents a 53.4 per cent increase over December 2020.

The December sale is the fifth of six oil and gas public offerings scheduled for the 2021-22 fiscal year. Previous 2021 sales raised $1.9 million in October, $3.1 million in August, $0.5 million in June and $1.9 million in April.

Of the total 73 parcels posted, 55 received acceptable bids. Total bids covered 4,361 hectares and the average bonus bid was $321 per hectare, with the highest acceptable bid at $3,151 per hectare. 

The Estevan area produced the highest interest, bringing in $913,862.95 for 51 parcels totalling 3,793 hectares.

To date, the province has collected $8.8 million from oil and gas sales and $4.2 million from subsurface minerals for a total of $13 million, with one oil and gas rights sale and one subsurface mineral rights sale remaining for the fiscal year.

The final sale of the current 2021 fiscal year is scheduled for Feb. 1, 2022. will have more information as it becomes available.