June Oil and Gas Public Offering Generates $7.4 Million in Revenue. Kindersley-area Generates $51,083.16

1 week ago

1 minute read

The Government of Saskatchewan’s Crown petroleum and natural gas public offering, held on Tuesday, June 4, 2024, has raised $7,413,958.70 for the province, with the Lloydminster-area generating the most revenue.

Eighty parcels were posted for this sale, of which 64 received acceptable bids and which covered 12,363.127 hectares.

The Lloydminster-area generated the most revenue, bringing in $5,584,969.71 for 36 leases and one exploration license totaling 9,686.269 hectares.

The Estevan-area brought in the next-highest amount of revenue, generating $1,777,905.83 for 24 leases totaling 2,092.214 hectares.

Offers in the Kindersley-area generated $51,083.16 in revenue for three leases totaling 584.644 hectares.

Mammoth Land Services Ltd. had the highest bonus bid in this offering at $1,560,509.81, an average of $2,525.06 per hectare, for a 618.009-hectare exploration license located northeast of Lloydminster.

The highest bonus bid received for a lease went to Lexterra Land Ltd., which offered $727,796.67, an average of $3,089.92 per hectare, on a 235.539-hectare lease northeast of Lloydminster.

Through two public offerings this fiscal year, the province has raised $22,868,706.72 in revenue, up from the $20,494,130.39 raised from the first two offerings last fiscal year.

There are six scheduled public offerings each fiscal year. The next scheduled public offering in Saskatchewan is August 6, 2024.