Bidding in the Lloydminster area led the way as Saskatchewan’s third Crown oil and natural gas public offering of the fiscal year brought in more than $4.5 million in revenue, provincial officials announced Friday.
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Bids in the Lloydminster region generated $1,643,563, topping the total raised across the province in the Aug. 11 public offering. The Estevan region followed closely behind at $1,475,748, while bidding in the Kindersley area raised $1,409,458.
In total, the sale generated $4,528,771 across 41 parcels covering 9,905 hectares. The parcels included 37 leases and four exploration licences. No parcels were posted in the Swift Current area.
More than half of the total revenue — $2,296,824 — came from four exploration licences split evenly between the Lloydminster and Kindersley regions.
The single highest bid for an exploration licence came from Synergy Land Services Ltd., which spent $1,015,635, or $434 per hectare, for a 2,336-hectare property south of Eatonia in the Kindersley area.
Saturn Oil & Gas Inc. submitted the highest lease bid, paying $318,934, or $706 per hectare, for a 451-hectare site west of Bengough in the Estevan area.
Crown leases carry five-year terms for oil and gas development, while exploration licences run two to five years. The government noted that bidding activity varies based on market conditions, land availability, geological factors, and prevailing oil and gas prices.
The province’s next public offering is scheduled for Oct. 6.
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