Monday, 11 December 2017 11:22

Public offering revenue total reaches $61 million with one sale remaining

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Driven largely by continued interest in Saskatchewan’s southeast region, the December public offering of Crown petroleum and natural gas rights on Dec. 5 posted revenue of $9.6 million.

With a sixth and final sale still remaining for the 2017-18 fiscal year, the total is currently $61 million, already above the previous fiscal year end total of $50 million.

“Saskatchewan’s favourable policy and operating environment provides the industry with the kind of stability it seeks,” Energy and Resources Minister Nancy Heppner said.  “Drilling activity, oil and gas related revenue, and industry investments in new exploration and development are all trending upward in Saskatchewan for 2017.  We will do our part to help sustain this growth.”

Southeast Saskatchewan remains a focus of significant industry attention with 80 leases awarded on Tuesday, consisting of 6,574.166 hectares and fetching $5,084,478.09.  One lease south of Wilkie received a bonus bid of $1,642,015.97 for 259 hectares.  This lease was purchased by STOMP Energy Ltd. and is prospective for oil in the Mannville Group.

Spartan Energy Ltd. bid $587,340.78 for a 129.5 hectare parcel south of Alameda.  This parcel is prospective for oil in the Frobisher and Midale Beds of the Madison Group.

The next public offering of petroleum and natural gas rights will be held on February 6, 2018.

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