August Oil and Gas Public Offering Generates $7.2 Million in Revenue

CANADA, August 8 - Released on August 8, 2024

The Government of Saskatchewan's Crown petroleum and natural gas public offering, held on Tuesday, August 6, 2024, raised $7,208,879.51 for the province, with the Estevan area generating the most revenue.

One hundred and eight parcels were posted for this offering, and 96 parcels received acceptable bids. These bids covered 14,374.288 hectares.

The Estevan area generated the most revenue, bringing in $4,716,387.14 for 68 leases totalling 5,709.704 hectares. 

The Lloydminster area generated the next-highest amount of revenue, generating $1,678,241.23 for 19 leases totalling 3,803.133 hectares.

Bids in the Kindersley area brought in $814,251.14 in revenue for nine leases totalling 4,861.451 hectares.

The highest bonus bid went to Saturn Oil & Gas Inc., which offered $895,408.90 for a 441.778 hectare lease located north of Stoughton. The bid works out to $2,026.83 per hectare. 

Millennium Land (444) Ltd. made the highest dollars-per-hectare bid, offering $7,217.54 per hectare for a 32.410 hectare lease located west of the village of Frobisher and bidding a total of $233,920.47 for the lease. 

After three public offerings this fiscal year, government has raised $30,077,586.23 in revenue. There are six scheduled public offerings each fiscal year. The next scheduled offering in Saskatchewan is October 1, 2024.

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