REGINA — The results are in for the Government of Saskatchewan's latest Crown oil and natural gas public offering, held Oct. 7.
According to information released Oct. 10, the sale generated $7,338,034 in revenue. The southeast, northwest and west-central areas all surpassed at least $1 million in bids, while the southwest region also attracted sales.
Overall, the southeast generated the most revenue, bringing in $3,474,184 for one exploration licence and 39 leases totalling 4,904.474 hectares.
Prairie Land and Investment Ltd. made the highest bid in this offering, worth $863,628, an average of $552.57 per hectare, for a 1,562.931-hectare exploration licence north of Gainsborough.
Saturn Oil and Gas Inc. made the highest bid on a lease, worth $714,906, an average of $2,806.13 per hectare, for a 254.766-hectare parcel west of Torquay.
The northwest region generated the next-highest amount of revenue, $2,106,595. The west-central area brought in $1,317,181, and the southwest region fetched $440,072.
Ninety parcels were posted across the province for the October offering, with 85 receiving acceptable bids, covering a total of 12,128.950 hectares.
The October offering was the fourth of six such offerings for the 2025-26 fiscal year, over which time the Government of Saskatchewan says it has raised $52,762,018. That total surpasses last fiscal year's revenue earned through six offerings, thanks to the $24 million generated from the August public offering.
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.
The government says several factors affect public offering activity, including oil and gas prices, land availability, geological and technological constraints and various market conditions.
More to come.
