February oil and gas public offering generates $251,672 in revenue

The Government of Saskatchewan held the February Crown petroleum and natural gas public offering on Tuesday, which generated $251,672 in revenue for the province, the government said in a press release Thursday.

This is the last of six oil and gas public offerings for the 2020-21 fiscal year and brings cumulative earnings to $6,482,213.

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The Lloydminster area brought in $113,947 for two parcels totaling 388.504 hectares, while the Estevan area brought in $111,102 for five parcels totalling 518.004 hectares.

The highest bonus bid received on a parcel in this offering was $100,735 for a lease in the Lloydminster area, totalling 129.502 hectares. This was also the highest bid on a dollar per hectare basis at $777.87 per hectare. 

This lease was awarded to Soo Lone Resource Group Ltd. and is prospective for heavy oil in the Mannville Group.

The scheduled date for the next public offering is April 6.  

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