Saskatchewan’s August public offering of Crown petroleum and natural gas rights generated $6.5 million in revenue for the province, according to information released on Thursday morning.
This public offering, the third of six scheduled throughout the year, brings the total for the 2018-19 fiscal year to date to $25 million.
A total of 79 leases representing 17,595.832 hectares were sold in the Kindersley area for more than $3.7 million. The Estevan area produced revenue of nearly $2.7 million for 21 leases totaling 1,829.194 hectares.
“We continue to work hard to develop a positive investment climate for the petroleum industry in Saskatchewan and, as a result, the industry recognizes our royalty regime is stable and compares favourably with other jurisdictions,” said Energy and Resources Minister Bronwyn Eyre.
“We are committed to working closely with industry to provide as much certainty as possible for current and future investments.”
Ten parcels located north of Kisbey that totalled 971.250 hectares were purchased for more than $1.3 million. These parcels were purchased by Beacon Land Services Ltd. and are prospective for multiple targets including the Frobisher-Alida beds of the Madison Group and the Bakken Formation.
The highest bonus bid for a parcel was $568,649.34 for 161.876 hectares. This parcel is located northeast of Midale and was purchased by Windfall Resources Ltd.
The next public offering of petroleum and natural gas rights will be held on Oct. 2.
