REGINA — The Government of Saskatchewan's second Crown oil and natural gas public offering of the 2025-26 fiscal year, held June 2, generated $17,747,731 in revenue, according to a June 5 government news release.
Companies bid on 61 parcels across the province, which covered a total area of 28,833.446 hectares, the news release stated.
The southeast region generated $10,464,283, according to the government, covering 21,190 hectares, with the highest bid of $2,453,205 awarded to Millennium Land (222) Ltd. for a 968.896-hectare exploration licence south of Estevan. This was the highest bid for an exploration licence in the sale.
The news release stated the highest bid received on a lease in this offering was from Prairie Land & Investment Services Ltd. in the Lloydminster area, for $876,340.25 for a 258.053-hectare lease.
Meanwhile, the Kindersley area received $3,910,411 in bids, while the Swift Current area brought in $117,213.
In addition, the government noted 17 oil shale leases posted south of Hudson Bay were awarded to Burgess Canadian Resources ULC for a total of $3,000,003.
The government says leases are offered with five-year terms and are issued to drill for and produce oil or natural gas. Exploration licences have terms of two to five years and are issued in less developed areas for exploration and production. Several factors affect public offering activity, including oil and gas prices, land availability, various market conditions, and geological and technological constraints.
The next offering is scheduled for Aug.11.
More to come.
