Sask. boasts $15.4M in revenue following April oil and gas public offering
A pumpjack draws out oil and gas from a well head as the sun sets near Calgary, Alta., Sunday, Oct. 9, 2022. THE CANADIAN PRESS/Jeff McIntosh
Saskatchewan’s most recent petroleum and natural gas public offering raised a total of $15.4 million in revenue for the province – with the vast majority being raised in the Estevan area.
A total of 147 parcels, covering 16,065 hectares, were posted for sale on Tuesday, April 2.
Six bids were rejected as unacceptable after technical reviews while 18 other parcels saw no bids placed.
A total of 84 leases and two exploration licences were granted near Estevan – resulting in $13.79 million for the province.
The parcels covered 9,797 hectares.
The exploration licenses were awarded to Crescent Point Energy Corp. and are prospective for oil in the Bakken Formation northeast of Lampman.
The highest bid was made by Hummingbird Energy Inc. for a 193.7 hectare lease in the Frobisher Beds near Midale. The bid for prospective oil totalled $2.2 million or $11,357.12 per hectare.
The April public offering marks the first of six scheduled for the 2024 fiscal year. The same offering in April 2023 generated $11.1 million for the province.
The next scheduled offering is scheduled for June 4.
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