October 30, 2020

$760,849.23 in Revenue Generated in October Oil And Gas Public Offering

The Government of Saskatchewan held October’s Crown petroleum and natural gas public offering on Tuesday, which generated $760,849.23 in revenue for the province.  This is the fourth of six oil and gas public offerings and brings the cumulative 2020-21 fiscal year total to $5,317,642.56.

The Estevan and Swift Current areas brought in the majority of the bid activity.  The Estevan area received $362,966.60 in bids for 39 parcels totalling 2,573.818 hectares, while the Swift Current area received $209,793.58 in bids for 15 leases totalling 2,201.504 hectares.

The highest bonus bid received in the October public offering was $84,921.58 for a lease in the Lloydminster area.  This lease was awarded to Lacadena Land Company Inc. and is prospective for heavy oil in the Mannville Group.

The highest dollars per hectare received was $772.18 for a 32.376-hectare lease in the Estevan area.  Villanova Energy Inc. bid a total of $25,000.00 on this parcel, which is prospective for oil in the Midale Beds and Frobisher Beds of the Madison Group.

The scheduled date for the next public offering is December 1, 2020.