REGINA - The Government of Saskatchewan's Crown petroleum and natural gas rights public offering, held on June 4, has raised $7,413,958 for the province.
Seventy-nine leases were posted for this sale, and 63 received acceptable bids, covering 11,745.118 hectares. The total lease value was more than $5.85 million, or $498.37 per hectare. The one licence available was also sold. It covered 618.009 hectares and brought in $1,560,589, or $2,525.06 per hectare.
The southeast region brought in $1,777,905 for 24 leases totalling 2,092.214 hectares. All 24 parcels available in the southeast were sold.
The highest bonus bid in this area was $167,931, or $651.35 per hectare. This 257.821-hectare lease was awarded to Millennium Land (111) Ltd. and is located eight kilometres southeast of Estevan, adjacent to the Roche Percee Bakken Sand Oil Pool.
Saturn Oil and Gas Inc. submitted a bid of $2,412.41 per hectare on two leases posted 15 kilometres southwest of Redvers. One lease totalling 64.770 hectares received a bid of $156,251 and the other lease totalling 64.726 hectares received a bid of $156,145. This was the highest dollars per hectare bid in this area.
The Lloydminster area generated the most revenue for the province, bringing in $5,584,969 for 36 leases and one exploration licence totalling 9,686.269 hectares. Fifty-one leases were posted.
Mammoth Land Services Ltd. had the highest bonus bid in this offering at $1,560,509, an average of $2,525.06 per hectare, for a 618.009-hectare exploration licence located northeast of Lloydminster.
The highest bonus bid received for a lease went to Lexterra Land Ltd., which offered $727,796, an average of $3,089.92 per hectare, on a 235.539-hectare lease northeast of Lloydminster.
Offers in the Kindersley area generated $51,083.16 in revenue for three leases totalling 584.644 hectares, or $87.37 per hectare. Four leases were posted and three were sold.
The highest bonus bid received on a lease in this area was $20,764.50, an average of $79.69 per hectare. This 260.566-hectare lease was awarded to Millennium Land (555) Ltd and is located 26 kilometres west of Luseland.
Perseverance Resources Ltd. bid $9,647.47, an average of $149.15 per hectare, for a 64.683-hectare lease. This was the highest dollars per hectare bid received in the Kindersley area. This lease is located in the Milton Viking Sand Oil and Gas Pool, 12 kilometres northeast of Marengo.
Through two public offerings this fiscal year, the province has raised $22,868,706 in revenue, up from the $20,494,130.39 raised from the first two offerings last fiscal year.
The next scheduled public offering in Saskatchewan is Aug. 6.
