Southeast the focus of October oil and gas public offering

Southeast Saskatchewan was the focus of Tuesday’s public offering of Crown petroleum and natural gas rights in the province, which generated $2.2 million dollars and brought the 2019-20 fiscal year total to more than $11 million. 

Saskatchewan currently averages $529.63 per hectare for the fiscal year, higher than Alberta, which averaged $149.66 per hectare respectively.

article continues below

The Estevan area brought in $1,608,244.49 for 35 leases totalling 4,917.960 hectares. Four leases, comprising 516.414 hectares northwest of Lampman, received $469,580.00 in bonus bids; the highest bonus bid received in this offering was $240,480.00 for a 129.274-hectare parcel in that area. 

These parcels are prospective for oil in the Midale beds of the Madison Group and oil in the Bakken Formation. The successful bidder on these parcels was Midale Petroleums Ltd.

Synergy Land Services Ltd. was the successful bidder on two leases in the Kindersley area consisting of 516.658 hectares, which received a total offer of $234,369.81. These parcels are situated northwest of Kerrobert and are prospective for oil in the Viking Formation.

The global oil and gas industry recognizes that Saskatchewan has a favourable and low-risk investment climate relative to other jurisdictions in Canada and elsewhere. The Fraser Institute’s annual international survey of petroleum executives for 2018 ranked Saskatchewan second among jurisdictions in Canada for oil and gas investment attractiveness.

The scheduled date for the next public offering will is Dec. 3.

© Copyright Pipeline News


NOTE: To post a comment you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Google+ You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Pipeline News welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus