WEYBURN -- Saskatchewan’s August sale of Crown petroleum and natural gas rights raised a total of $3,124,990, the most revenue raised in a public offering since December 2019.
Of the 63 parcels posted, 58 parcels received acceptable bids, covering 29,734.76 hectares, with the average bonus bid at $105.10 per hectare.
The Weyburn-Estevan area continued to lead investment interest, bringing in $2,615,712 for 44 parcels (out of 49 parcels posted), covering a total of 27,149.75 hectares.
This was an average of $96.34 per hectare, compared to $438,874 in the last rights sale, an average of $288.76 per hectare.
The highest bonus bid and dollars per hectare received for a parcel in this sale was $300,778.20, or $2,312.06 per hectare, for a 130.09-ha lease for Crescent Point Energy.
This parcel is located 15 km southwest of Stoughton, within the Huntoon Midale Oil Pool, and the Huntoon North Frobisher Oil Pool.
There were 25 oil shale leases posted near Arborfield, and each received a bid of $81.24 per hectare, for a combined total of $2 million. These leases were awarded to Millennium Land Ltd.
This is the third of six public offerings scheduled for the 2021-22 fiscal year. The next public offereing is scheduled for Oct. 5, 2021.
