The Government of Saskatchewan’s latest Crown oil and natural gas public offering held Tuesday, Oct. 29, raised $7,304,936.95, with the Estevan area generating the majority of the revenue.
The offering featured 112 parcels, with 93 receiving acceptable bids, covering a total of 15,347.639 hectares.
The Estevan area generated the most interest, bringing in $5,417,916.25 for 56 leases and one exploration licence, totaling 8,330.517 hectares.
Surge Energy Inc. made the highest bonus bid and highest dollars-per-hectare lease in the Estevan area, northeast of Macoun within the Bryant Frobisher Beds Oil Pool. The highest bid in the offering was $1,369,276.03, averaging $5,284.76 per hectare.
Millennium Land (444) Ltd. acquired the single exploration licence, bidding $407,670.71 for a 2,318.023-hectare licence south of Minton in the Estevan area.
With four public offerings so far this fiscal year, the provincial government has raised $37,382,532.18. The next scheduled offering is set for Dec. 3, 2024.
There are six scheduled public offerings of oil and natural gas dispositions each fiscal year in Saskatchewan. The province uses an open and competitive bidding process to issue oil and gas dispositions. Changes in oil and gas prices, land availability, geological and technological constraints, and market conditions can affect public offering activity.