REGINA – The Government of Saskatchewan’s Crown oil and natural gas public offering, held on Dec. 3, raised $11,392,502 for the province, with the southeast region generating most of the revenue.
Of the 56 parcels in Saskatchewan posted for this offering, 51 received acceptable bids, covering a total of 13,561.384 hectares.
The southeast brought in $8,088,540 for 29 leases totalling 3,412.246 hectares. Meanwhile, bidding in the west-central area reached $2,449,481 for six leases and four exploration licences totalling 7,613.867 hectares.
Veren Inc. made the highest bonus bid on a parcel for this offering, bidding $2,351,041 ($4,543.25 per hectare) for a 517.480-hectare lease in the southeast, south of Kipling.
Millennium Land (111) Ltd. offered the highest bonus bid on an exploration licence, offering $1,345,489 ($562.89 per hectare) for a 2,390.324-hectare licence east of Eatonia in the west-central area.
After five public offerings this fiscal year, the provincial government has raised $48,775,025 in revenue. The next offering is scheduled for Feb. 4, 2025.
There are six scheduled public offerings of oil and natural gas dispositions held each fiscal year in Saskatchewan. Ministry of Energy and Resources says this process uses an open and competitive bidding system to issue oil and natural gas dispositions.
“Several factors affect public offering activity, including changes in oil and gas prices, land availability, geological and technological constraints and various market conditions,” the government said.
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