The April sale of Saskatchewan’s petroleum and natural gas rights reached 3.1 million dollars, bringing the fiscal year’s total so far to 8.1 million dollars.
So far this year, Saskatchewan’s public offering has averaged 161 dollars an acre, compared to 45 dollars an acre in Alberta and 97 dollars an acre in B.C.
Economy minister Bill Boyd says Saskatchewan’s reputation as an opportunity-rich, low cost operating environment puts the province in a good position when petroleum prices rebound.
Saskatchewan has the highest ranking in Canada and places in the top 10 in the world for attractive jurisdictions for investment in petroleum exploration and development.
The most bids in the April offering were in the Estevan area at 2.6 million dollars.
The highest price for a single parcel, 650 acres, was 1.1 million dollars from Stomp Energy.
The parcel was also the highest per acre at 17 hundred dollars an acre.
It is in an area west of Estevan with proven oil production from the Bakken formation, Three Forks Group/Torquay Formation and the Midale beds.
The next sale of provincial petroleum and natural gas rights will be on June 7th.