June 04, 2020

June Oil & Gas Public Offering Raises $442,125.39 in Revenue

The June public offering of Crown petroleum and natural gas rights held Tuesday generated $442,125.39 in revenue for the province of Saskatchewan.

This is the second of six oil and gas public offerings, bringing the current 2020-21 fiscal year total to $2,165,850.24.

The Estevan area brought in the majority of the bid activity, generating $374,388.50 for 25 parcels of lands totalling 2,644.690 hectares.

The Lloydminster area also brought in $50,545.83 for five leases totalling 1,146.816 hectares, while the Kindersley area brought in $17,191.06 for two leases totalling 520.468 hectares.

The highest bonus bid received in this offering was $111,112.00, or $1,724.70 per hectare, for a 64.424-hectare north of Lampman.  This lease was purchased by Millennium Land (444) Ltd. and is prospective for oil in the Midale Beds and Frobisher Beds of the Madison Group.

The scheduled date for the next public offering is August 11, 2020.