The Government of Saskatchewan's Crown Petroleum and Natural Gas public offering, held on Tuesday, December 5th, has raised $17,230,215.44 for the province.
Of the 70 parcels posted for this offering, 40 parcels received acceptable bids. These bids covered 15,594.075 hectares.
The Estevan area generated the most interest, yielding $11,277,440.47 for 17 leases and one exploration license totaling 2,443.839 hectares.
Following that, bids for leases and licenses in the Lloydminster area raised $3,552,733.57. These bids covered 13 leases and three exploration licenses totaling 3,917.825 hectares.
Acceptable bids in the Kindersley area generated $2,400,041.40 for three leases and three exploration licenses totaling 9,232.411 hectares.
Millennium Land (555) Limited made the highest bonus bid and the highest dollars-per-hectare bid in this offering - $10,084,381.86, or $7,778.89 per hectare. This bid is for a 1,296.378-hectare exploration license in the Estevan area, west of Alameda, and is prospective for oil in the Frobisher Beds.
After five of six public offerings this fiscal year, the province has received $65,464,000.73 in revenue. At this time last fiscal year, oil and gas public offerings had generated $46,105,597.68in 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 licenses covering 6,013.485 hectares.
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