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Thursday, 16 June 2011 08:59

Sask. land sales continue to be fast and furious

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By John R. Statton — This email address is being protected from spambots. You need JavaScript enabled to view it.

Saskatchewan’s oil industry continues to thrive with a whopping $40.9 million of land sold in June.

Land sale revenue for the province has reached $193 million so far for 2011.

“This sale marks 11 consecutive land sales that have surpassed the $30 million mark,” said Bill Boyd, energy and resource minister.

“This sustained interest from industry is very positive: It tells us the industry sees a stable, long-term future in Saskatchewan’s oil patch, and it’s also a vote of confidence in the province’s overall business climate.”

The Swift Current area saw a total of approximately $5.4 million from the June sale, at an average of $245.22 per hectare, or $99.24 per acre.

The numbers were down significantly from the last sale of approximately $56.6 million, which saw an average of $1,216.92 per hectare, or $492.47 per acre.

Windfall Resources Ltd. spent about $2.2 million for one 259 hectare lease parcel, and was the highest price paid for a single parcel in the area.

It is located near the Whitemud Shaunavon Oil Pool, approximately 15 kilometres southeast of Eastend.

Standard Land Company Inc. paid nearly $606,000 for a single licence in the area, and was the highest price paid. The 3,147.57 hectare, or 7,77.81 acre block is 15 kilometres southwest of Gull Lake and located partially within the Butte West Upper Shaunavon Oil Pool.

In total six exploration licences were sold, along with 23 leases. Thirteen licences and 24 leases were posted.

“It’s always exciting to watch when prime Bakken and Shaunavon parcels are posted, and this sale was no exception,” said Boyd.

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