Sustained interest in Saskatchewan’s southeast region generated the majority of revenue in the February public offering of Crown petroleum and natural gas rights.
The February sale generated $3 million, pushing the final total for the 2017-18 fiscal year to $65 million.
This total exceeds the previous fiscal year-end total of $50 million, as industry activity and investment shows sustained signs of trending upward in the province.
“Saskatchewan is consistently a jurisdiction of choice for conventional producers looking for stability and solid returns,” Energy and Resources Minister Bronwyn Eyre said. “Increased drilling activity and industry investment indicate that one of our key economic sectors continues to gather momentum and stimulate growth in the province.”
Southeast Saskatchewan remained the focus of attention with 52 leases, consisting of 3,448.152 hectares, fetching $2,452,992.19. Spartan Energy Corp. bid $1,039,679.96 for 18 leases in southeast Saskatchewan totaling 1,295.206 hectares.
One lease south of Carnduff received a bonus bid of $325,346.74 for 129.5 hectares. This lease was purchased by Spartan Energy Corp. and is prospective for oil in the Midale and Frobisher beds of the Madison Group.
Saskatchewan’s oil and gas industry accounts for an estimated 15 per cent of the province’s total real gross domestic product (GDP), and is the largest contributor among primary industries to provincial GDP.
The next public offering of petroleum and natural gas rights will be held on April 10.
