REGINA - The Government of Saskatchewan's latest Crown petroleum and natural gas public offering, held on Dec. 5, has raised $17,230,215 for the province.
Of the 70 parcels posted for this offering, 40 received acceptable bids. These covered 15,594 hectares.
The southeast region generated the most interest, yielding $11,277,440 for 17 leases and one exploration licence totaling 2,443 hectares.
Bids for leases and licences in the Lloydminster area raised $3,552,733. These bids covered 13 leases and three exploration licences totaling 3,917 hectares.
Acceptable bids in the Kindersley area generated $2,400,041 for three leases and three exploration licences totaling 9,232 hectares.
Millennium Land (555) Limited made the highest bonus bid and the highest dollars-per-hectare bid in this offering at $10,084,381, or $7,778.89 per hectare. This bid is for a 1,296-hectare exploration licence west of Alameda. It is prospective for oil in the Frobisher Beds.
After five of six public offerings this fiscal year, the province has received $65,464,000 in revenue. At this time last fiscal year, oil and gas public offerings had generated $46,105,597 in revenue.
Factors that affect public offering activity include fluctuations in the price of oil or gas; availability of lands that are prospective for oil or gas; geological and technological constraints; and market conditions that favour inventory growth through mergers and acquisitions rather than through public offerings.
The next scheduled date for a public offering in Saskatchewan is February 6, 2024. It features 46 leases covering 11,246.027 hectares and two exploration licences covering 6,013.485 hectares.
