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February Oil and Gas Public Offering Raises $3.1 Million in Revenue

The Government of Saskatchewan’s Crown petroleum and natural gas public offering on February 7th, 2023, raised $3,100,290.58 in revenue. This was the final public offering of the 2022-23 fiscal year and brought the total amount of revenue to $49,205,888.26.

Of the 54 parcels posted, 48 received acceptable bids covering 6,651.74 hectares. The average bonus bid was $466.09 per hectare, with the highest acceptable bid reaching $3,156.67 per hectare. The highest bid of $270,891.76 was received for a 243.43 hectare lease located southwest of Lashburn and was awarded to Synergy Land Services Ltd.

The Lloydminster area saw the most interest, with a total of $1,798,538.17 from 12 leases and four exploration licenses, covering 3,891.32 hectares. The Estevan area brought in $981,870.64 for 26 leases, covering 1,819.14 hectares. An exploration license covering 582.75 hectares located northeast of Lloydminster within the Northminster Sparky Oil Pool received a bonus bid of $611,882.25 or $1,050.00 per hectare and was awarded to Metropolitan Resources Inc. The next sale is scheduled for April 4th, 2023.

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