REGINA - Saskatchewan's February public offering of Crown oil and gas rights, held on Tuesday, has generated $6,144,244.42 in revenue for the province.
This is the highest oil and gas public offering result of 2021-22 and significantly exceeds the amount of revenue raised in other oil and gas public offerings during 2020-21.
The February public offering completes the scheduled 2021-22 fiscal year oil and gas public offerings, with total revenue of nearly $15 million.
Of the 84 parcels posted, 75 parcels received acceptable bids. Total bids covered 11,493.3 hectares. The average bonus bid was $534.60 per hectare with the highest acceptable bid at $7,814.00 per hectare.
The highest bonus bid received on a lease in this offering is $528,017 for a 194.5-hectare lease in the Estevan area awarded to Midale Petroleums. Two leases southeast of Lampman received $7,814 per hectare, the highest in this offering, which were awarded to Millennium Land.
The highest bonus bid received on an exploration licence was $501,130.43 for a 1,037.2-hectare licence in the Kindersley area by Prairie Land & Investment Services. This was also the highest dollars per hectare received on a licence at $483.15 per hectare.
The first sale of the new 2022-23 fiscal year is scheduled for April 5, 2022, and features 207 leases covering 26,634 hectares and one exploration licence covering 812 hectares.