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October oil and gas public offering raises nearly $1.9 million in revenue

Southeast Saskatchewan continued to lead the way for the latest provincial land sale.
Pump jack Getty
A pump jack at work.

REGINA - Saskatchewan's October public offering of Crown petroleum and natural gas rights held on Oct. 5 generated $1,876,806 in revenue for the province.

The Estevan area once again generated the most interest, as it brought in $1,357,527.30 for 50 parcels totalling 11,591.068 hectares.

An exploration licence posted in the Estevan area received $171,885, the highest bid for a parcel in this offering. This licence is located west of Radville and is prospective for oil in the Bakken Formation.

The highest bonus bid received on a lease is $161,373.56 for a 257.448 hectare lease in the Estevan area. This lease is located southwest of Roche Percee and is prospective for oil in the Bakken as well.

The highest dollars per hectare received on a lease in this offering is $2,489.10 per hectare. This 44.99 hectare lease was awarded to Ferret Energy Limited and is located southwest of Stoughton. It is prospective for oil in the Frobisher beds of the Madison Group.

Of the total 81 parcels posted, 59 parcels received acceptable bids. These bids covered 14,320.688 hectares and the average bonus bid was $131.06 per hectare.

This public offering was the fourth of six sales for the current fiscal year. The next oil and gas public offering in Saskatchewan is scheduled for Dec. 7.

SaskToday will have more details as they become available.