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February oil and gas public offering in Saskatchewan generates $3.1 million

Lloydminster region led the way with nearly $1.8 million in revenues.
Pump jack Getty
A pump jack at work.

REGINA - The Government of Saskatchewan's Crown petroleum and natural gas public offering, held on Feb. 7, has raised more than $3.1 million in revenue for Saskatchewan.

The February sale is the final public offering scheduled for the 2022-23 fiscal year, bringing the total amount of revenue for the year to more than $49 million.

Of the 54 parcels posted, 48 received acceptable bids covering 6,651.74 hectares. The average bonus bid was $466.09 per hectare, with the highest acceptable bid at $3,156.67 per hectare.

The highest bonus bid received on a lease in this offering is $270,891.76 for a 243.43 hectare lease located southwest of Lashburn. Synergy Land Services Ltd. was awarded this lease.

Overall, the Lloydminster area saw the most interest, bringing in $1,798,538.17 for 12 leases and four exploration licenses, totaling 3,891.32 hectares. The southeast region brought in $981,870.64 for 26 leases totaling 1,819.14 hectares.

An exploration license, totaling 582.75 hectares, received a bonus bid of $611,882.25 or $1,050.00 per hectare. This license is located northeast of Lloydminster and within the Northminster Sparky Oil Pool. The successful bidder was Metropolitan Resources Inc.

The next sale is scheduled for April 4. will have more details as they become available.