First Oil & Gas Public Offering of the Fiscal Year Raises $1.7 Million
Saskatchewan’s April public offering of Crown petroleum and natural gas rights held Tuesday generated a total of $1.7 million in revenue for the province.
This is the first of six oil and gas public offerings for the 2020-21 fiscal year.
The Lloydminster and Kindersley areas generated the majority of the bid activity. The Lloydminster area brought in $848,629.60 for 19 parcels totalling 2,169.132 hectares, while the Kindersley area brought in $731,624.20 for 43 leases totalling 11,063.984 hectares.
Fourteen parcels, comprising 841.750 hectares in the Lloydminster area, received a total bonus amount of $628,982.18. These parcels are prospective for heavy oil in the Mannville Group.
Two of these parcels each received a bonus bid of $182,450.61, or $2,817.77/hectare, the highest bonus bid and dollars per hectare received on a parcel in this offering. Millennium Land (222) Ltd. and Millennium Land (333) Ltd. were the successful bidders on these two parcels, picking up one parcel each.
The scheduled date for the next public offering is June 2, 2020.