December Oil and Gas Public Offering Raises $11.9 Million in Revenue

Released on December 8, 2022

The Government of Saskatchewan's Crown petroleum and natural gas public offering held on Tuesday, December 6, 2022, has raised $11,917,227.14 for the province.

The December sale is the fifth of six oil and gas public offerings scheduled for the 2022-23 fiscal year, with a current fiscal year total of $46,105,597.68. In terms of calendar year, this sale completes the year with a total of $52,249,842.10 in revenue raised. This amount is a substantial increase over the 2021 calendar year, which brought in a total of $9,095,555.03 in revenue.

Of the 136 parcels posted, 103 received acceptable bids covering 16,184.469 hectares. The average bonus bid was $736.34 per hectare with the highest acceptable bid at $36,594.80 per hectare.

The Estevan area saw the most interest, bringing in $9,602,654.64 for 76 leases covering 8,217.836 hectares. The Lloydminster area also saw considerable interest, bringing in $2,276,702.98 for 22 leases and 2 exploration licenses covering 7,576.444 hectares.

The highest bonus bid received on a lease was $2,321,754.22 for a 259.657 hectare lease west of Oxbow that was awarded to Millennium Land Ltd. The highest bonus bid received on an exploration license was $602,881.93 for a 1,688.272 hectare licence west of Cut Knife that was awarded to Metropolitan Resources Inc.

The next sale is scheduled for February 7, 2023.

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