The Government of Saskatchewan's latest crown oil and natural gas public offering raised $11,392,502.38 on Dec. 3. Most of the revenue coming from the Estevan area.
Out of 56 parcels posted, 51 received bids, covering 13,561.384 hectares in total.
The Estevan area led the bidding, generating $8,088,540.01 for 29 leases across 3,412.246 hectares.
Meanwhile, in the Kindersley area, bids totalled $2,449,481.81 for six leases and four exploration licenses covering 7,613.867 hectares.
Veren Inc. submitted the highest bonus bid in this offering. The company paid $2,351,041.01 ($4,543.25 per hectare) for a 517.480-hectare lease near Kipling in the Estevan area.
Additionally, Millennium Land Ltd. made the highest bid for an exploration license. They offered $1,345,489.48 ($562.89 per hectare) for a 2,390.324-hectare parcel near Eatonia in the Kindersley area.
This fiscal year the province has earned $48,775,025.56 from five public offerings. The next offering is set for Feb. 4, 2025.
Saskatchewan holds six public offerings of oil and gas rights each fiscal year. These offerings use an open and competitive bidding system.
Several factors influence bidding activity, including oil and gas prices, land availability, geology, and market conditions.
For more details, visit the Schedule of Public Offerings page on Saskatchewan's official website.
Read more: Oil/gas cap target of new legislation
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