August 12, 2021

August Oil and Gas Public Offering Raises Largest Amount of Revenue Since 2019

Saskatchewan's August public offering of Crown petroleum and natural gas rights held on Tuesday, August 10, 2021 raised $3,124,990.99.  This is the most revenue raised in a petroleum and natural gas public offering for the province since December 2019. 

Of the 63 parcels posted, 58 parcels received acceptable bids.  These bids covered 29,734.758 hectares and the average bonus bid was $105.10 per hectare.

The Estevan area continue to lead investment interest, bringing in $2,615,712.80 for 44 parcels totaling 27,149.750 hectares.  More than half of the revenues generated by the August public offering were from bids for 25 oil shale leases located in the east-central region of the province near Arborfield, Saskatchewan.

The highest bonus bid was $300,778.20 for 130.091 hectares and was also the highest dollars per hectare received on a parcel in this offering at $2,312.06 per hectare.  This lease was awarded to Crescent Point Energy Corp. and is prospective for oil in the Frobisher Beds of the Madison Group.

This is the third of six public offerings scheduled for the 2021-22 fiscal year.  The next public offering is scheduled for October 5, 2021.