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Released on June 12, 2008
The June 2008 sale of Crown oil and natural gas rights has produced the third largest single sale in Saskatchewan's history, and added to the new record for annual sales set this year.
The June sale raised $142.5 million in revenue for the province. The year-to-date revenue figure for 2008 now stands at $605.4 million, shattering the previous single-year record of $250.3 million set in 2007. It is also the third consecutive sale in excess of $100 million, something that has never happened before in Saskatchewan.
Energy and Resources Minister Bill Boyd said the three sales held to date in 2008 have been the three largest single sales in Saskatchewan's history.
"The latest sale is exceeded only by the previous two held earlier this year," Boyd said. "Land sales are obviously influenced by oil and gas prices, but they also provide an excellent barometer of industry confidence and future activity levels. Over time, this translates into jobs and other economic activity in Saskatchewan; the province that is already leading the country in economic growth. It speaks to a positive business climate and the excellent resource potential that exists in Saskatchewan."
The June sale included 10 exploration licences that sold for $77.2 million and 240 lease parcels that brought in $65.3 million.
The Weyburn-Estevan area was once again the story of the sale, taking in nearly $132.5 million of the proceeds. The Kindersley-Kerrobert area was next at $7.1 million, followed by the Lloydminster area at $2 million and the Swift Current area at over $900,000.
Boyd noted three sales remain to be held in 2008, so that the annual record for dollar value of land sales remains a work-in-progress in Saskatchewan. "The bar has been raised to an unheard level this year. It's a good sign for our province; a sign that investors from across Canada and around the world continue to see this as a good place to be."
The June sale also set two additional records. The first was the highest price paid for a single parcel at just under $39 million. Standard Land Company Inc. purchased this 9,094-hectare exploration licence located south of Lake Alma, near the Canada-United States border.
The second record was the price paid on a per-hectare basis at over $42,550. Windfall Resources Ltd. purchased this 150-hectare parcel, located six kilometres north of Stoughton, for more than $6.3 million.
The next sale of Crown petroleum and natural gas dispositions will be August 11, 2008. Oil sands exploratory permits will be offered at the August sale.
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For more information, contact:
Ed Dancsok
Energy and Resources
Regina
Phone: 306-787-2602
Email: edancsok@ir.gov.sk.ca
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