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APRIL LAND SALE YIELDS $15 MILLION

Released on April 14, 2005

Interest in Saskatchewan's rich oil and gas resources continues at a strong pace, as evidenced by April's sale of Crown petroleum and natural gas rights.

The April land sale generated $15 million in revenue for the province. The first two sales of the calendar year have generated a total of $44 million, which is 35 per cent higher than the amount received for the same period last year.

"The oil and gas industry continues to make considerable investments in the province, creating prosperity for communities and jobs for Saskatchewan people," Industry and Resources Minister Eric Cline said. "We have worked hard to create a climate for the industry's continued growth — our recent incentives for enhanced oil recovery are just the latest example."

The sale included eight exploration licences that sold for over $1.4 million and 363 lease parcels that brought in over $13.5 million.

In addition to the parcels sold for bonus bids, two special exploratory permits were awarded on the basis of work commitments. One permit, covering 83,000 hectares and located west of Porcupine Plain in east central Saskatchewan, was awarded to Prairie Land & Investment Services Ltd. with a work commitment of over $500,000. The other permit, located east of Spiritwood in central Saskatchewan, received a commitment from Canadian Landmasters Resource Services Ltd. of $500,000 for work on 80,000 hectares.

The highest price received for a single parcel was $1,166,576. Prairie Land & Investment Services Ltd. purchased this three and three-quarter section lease parcel, located in the hot Middle Bakken play near Stoughton in the southeast part of the province.

The highest price on a per-hectare basis was tied between two adjacent parcels in the Marsden area of west-central Saskatchewan. Each of these two 16-hectare parcels sold for $4,031 per hectare. The successful bidder was again Prairie Land & Investment Services Ltd.

The Weyburn-Estevan area received the most bonus bid activity with sales totalling $7.2 million. The Swift Current area was next at $4.3 million, followed by the Lloydminster area at $2.3 million and the Kindersley-Kerrobert area at $1.2 million.

The next sale of Crown petroleum and natural gas dispositions will be June 7th, 2005.

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For More Information, Contact:

Ed Dancsok
Industry and Resources
Regina
Phone: (306) 787-2602

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