News Oil & Gas

December’s oil and gas public offering raises $11.9 million

Six sales in 2022 generated $52.2 million in revenue.

REGINA – The Government of Saskatchewan’s latest Crown petroleum and natural gas rights public offering, held on Dec. 6, has raised more than $11.9 million 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 total of more than $46.1 million. In terms of the calendar year, this sale completes 2022 with a total of more than $52.2 million in revenue.

This amount is an increase over the December 2021 sale, which brought in $9.9 million.

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 being $36,594.80 per hectare.

The southeast region saw the most interest this month, bringing in $9.6 million for 76 leases covering 8,217.836 hectares. The Lloydminster area brought in more than $2.2 million for 22 leases and two exploration licences covering 7,576.444 hectares.

The highest bonus bid received on a lease was $2.3 million 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. It was awarded to Metropolitan Resources Inc.

The next sale is scheduled for Feb. 7, 2023. will have more details later. 

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