Saskatchewan’s June public offering of Crown petroleum and natural gas rights held on Tuesday raised more than $15 million in revenue for the province, as much as the last three public offerings combined and the highest single revenue total since October of last year.
The average price per hectare in Saskatchewan is currently $725, the highest when compared to public offerings held to date in Alberta and British Columbia.
“Industry’s investment in petroleum and natural gas rights in Saskatchewan is a good measure of the opportunity and potential that exists in our province’s oil and gas sector,” Energy and Resources Minister Bronwyn Eyre said. “Dollars invested by this industry support Saskatchewan jobs, communities, and our province’s economic future.”
One exploration licence in southeast Saskatchewan received a bonus bid of $10,511,566. This parcel was purchased by Stomp Energy Ltd. and is prospective for multiple targets including the Ratcliffe Beds of the Madison Group and the Bakken, Torquay and Red River Formations.
Forty parcels totalling 11,400 hectares were sold for $3,454,719 in the Kindersley area. These parcels are prospective for oil and gas in the Viking Formation, Mannville Group, and Bakken Formation.
Cougar Creek Land Ltd. bid $608,948 to acquire a 243 hectare lease located south of Maidstone. This parcel is prospective for heavy oil in the Mannville Group.
The next public offering of petroleum and natural gas rights will be held on August 14.
