December Oil and Gas Public Offering Raises $912,899.08 in Revenue
The Government of Saskatchewan held the December Crown petroleum and natural gas public offering on Tuesday, which generated $912,899.08 in revenue for the province. This is the fifth of six oil and gas public offerings for the 2020-21 fiscal year and brings cumulative earnings to $6,230,541.64.
The Estevan area saw the most interest, raising $889,374.46 from 15 parcels totalling 6,668.943 hectares.
The highest bonus bid received in this offering was $304,103.00 for a lease, in the Estevan area, totalling 64.750 hectares. This was also the highest bid on a dollar per hectare basis at $4,696.57 per hectare. This lease was awarded to Midale Petroleums Ltd. and is prospective for oil in the Midale Beds and Frobisher Beds of the Madison Group.
There were six accepted bids for oil shale leases in East Central Saskatchewan. These are the first oil shale leases to be issued through a public offering.
There was one accepted work commitment bid for a Special Exploratory Permit, the first Special Exploratory Permit issued since 2016.
The next Crown petroleum and natural gas public offering is scheduled for February 2, 2021.