Province’s latest oil and gas offerings hit over $10 million

The Government of Saskatchewan’s latest Crown petroleum and natural gas public offering brought in $10,042,112.71 for the province.

Of the 48 parcels for this offering, 44 received acceptable bids, covering 14,651.566 hectares of land.

The Estevan area saw the highest level of interest, generating $7,223,245.77 for 23 leases and one exploration license, totalling 8,756.552 hectares.

In addition, bids for leases and licenses in the Lloydminster area contributed $1,916,571.78 to this offering, covering 17 leases and one exploration license, totalling 5,375.414 hectares.

Meanwhile, acceptable bids in the Kindersley area yielded $902,295.16 for two leases totalling 519.600 hectares.

The highest bonus bid in this offering was made by Millennium Land Ltd., offering $5,055,881.79, an average of $1,203.97 per hectare, for a 4,199.342-hectare license in the Estevan area, southeast of Radville. This license is prospective for oil in the Ratcliffe Beds.

The highest dollars-per-hectare bid received was $3,342.19 per hectare, totalling $216,169.51. This 64.679-hectare lease, located in the Kindersley area northeast of Dodsland, was awarded to Synergy Land Services Ltd. and is prospective for heavy oil in the Mannville Group.

This marks the final public offering of the fiscal year, with a total revenue of $75.5 million for the 2023-24 period.

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