October land sale brings in just $2.1 million

Regina – Saskatchewan’s October public offering of Crown petroleum and natural gas rights held on Oct.2, generated $2.1 million in revenue for the province, largely on the strength of continued interest in the Kindersley area.

This was the fourth of six public offerings scheduled throughout the fiscal year, which brings the 2018-19 fiscal revenue total to $27.2 million.

Out of a total of 75 leases posted, there were 56 parcels totalling 7,068 hectares purchased. The total value came in at $2,134,898.

The Kindersley area received the most attention in this public offering, where 24 leases totalling 5,293 hectares were sold for $1,295,855. There had been 31 leases posted totalling 7,106 hectares.

The Estevan area brought in a total of $664,626 for 19 leases totalling 1,435 hectares. There had been 21 leases posted totalling 1,662 hectares. Athena Resources Ltd. was the top bidder in the area. They spent $139,000.00 to acquire five lease parcels.

The top price paid for a single lease in this area was $103,712 paid by Federated Co-operatives Ltd. for a 32 hectare parcel situated south of the Gainsborough West Frobisher Beds Oil Pool, 16 kilometres east of Carnduff.  This parcel was the highest dollar per hectare in this area at $3,203/hectare.

The Lloydminster area saw 18 leases posted and 12 sold for a total of $167,884. That covered 356 hectares. Nearly all that was purchased by Cougar Creek Land Ltd., which spent $156,815 to acquire nine parcels. These parcels are within the Dulwich Sparky and Dulwich East General Petroleums Oil Pools, situated 8 to 12 kilometres southeast of Lloydminster.

In the Swift Current area, five leases were posted and two sold, totalling 243 hectares. The bonus for these two leases was $15,597. Whitecap Resources Ing. Bought both parcels, which are situated 12 kilometres north of Gull Lake and adjacent to the North Premier Upper Shaunavon Oil Pool.

The highest bonus bid for a parcel was $170,388 for 259 hectares.  This parcel, located north of Eston, was purchased by Millennium Land Ltd. and is prospective for oil in the Viking Formation.

The top dollars per hectare in this offering was $3,203 per hectare for a 32-hectare parcel located southeast of Carnduff, which was purchased by Federated Co-operatives Ltd. and is prospective for oil in the Frobisher Beds of the Madison Group.

The next public offering of petroleum and natural gas rights will be held on December

© Copyright 2018 Pipeline News

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