June 03, 2021

June Oil & Gas Public Offering Raises $516,069.98 in Revenue

Saskatchewan's June public offering of Crown petroleum and natural gas rights held on Tuesday, June 1, 2021, generated $516,069.98 in revenue for the province.

This public offering is the second of six oil and gas sales scheduled for the 2021-22 fiscal year.

The Estevan area was, again, the major focus for bid activity, bringing in $438,874.00 for 16 parcels totalling 1,519.862 hectares.  The highest bonus bid received on a parcel was $226,911.20 for a 129.500-hectare lease in the Estevan area. 

This was also the highest dollars per hectare received on a parcel in this offering at $1,752.21 per hectare.  The lease was awarded to Crescent Point Energy Corporation and is prospective for oil in the Bakken Formation.

Of the total 42 parcels posted, 24 parcels received acceptable bids.  These bids covered 3,814.759 hectares and the average bonus bid was $135.28 per hectare.

The next public offering is scheduled for August 10, 2021.