The Estevan and Weyburn area once again led the way in terms of bids for Crown land at the Feb. 9 public offering for petroleum and natural gas rights.
The sale brought in a modest $1.7 million, bringing the 2016-17 fiscal year land sale total income to $50 million.
Ten of the 14 leases that were up for bids in the southeast area of the province were purchased for $951,481.92, an average of over $753.50 per hectare. This compares to over $12 million in sales in the southeast during the December 2016 sale, with an average of just under $2,298 per hectare.
During this last public offering of the fiscal year, four leases located north of Lampman received bonus bids totalling just over $537,000 for 583 hectares featuring prospective multiple targets including the Midale and Frobisher-Alida Beds of the Madison Group as well as the Bakken Formation.
The top purchaser of acreages in the Estevan area was Stomp Energy Ltd., who spent $275,439 to acquire two leases. They also paid the top price for a single lease, at $665,262 for a 194.25 hectare parcel within the Viewfield Bakken Pool, 10 km. north of Lampman.
Fire Sky Energy Inc., paid the highest dollar per hectare when they spent just over $1,673 per hectare for a 97.13 hectare parcel located in the West Kingsford Midale Beds Oil Pool, 20 km. north of Estevan.
The second busiest area in terms of purchases was the Lloydminster region where six of the 10 leases were picked up for just over $422,000 in bonus bids.
The Kindersley region was third in terms of total bonus bids, with 11 of 12 leases up for bids, being taken for a total of slightly more than $257,460 while in the southwest region around Swift Current, five of 17 leases up for grabs were taken with a total sale price of just under $100,000.
That meant 32 of the 53 total lease parcels were snapped up by bidders. There were no exploratory licenses offered in this sale.
The average for all leases sold in the province amounted to just over $307 per hectare, compared with an average of nearly $1,485 per hectare in the December 2016 sale.
The highest dollar spent per hectare was received from Elk Run Resources Ltd, who paid over $3,201 per hectare for 48.56 hectares 15 kms. west of St. Walburg.
The next public offering of petroleum and natural gas rights will be held on April 11. Â
