February Oil and Gas Public Offering raises $10 million

The Government of Saskatchewan's Crown petroleum and natural gas public offering, held on Tuesday, February 6, 2024, has brought in $10,042,112.71 for the province.

Of the 48 parcels posted for this offering, 44 parcels received acceptable bids. These bids covered 14,651.566 hectares.

The Estevan area generated the most interest, raising $7,223,245.77 for 23 leases and one exploration license totalling 8,756.552 hectares.

Additionally, bids for leases and licenses in the Lloydminster area brought in $1,916,571.78 for this offering. These bids covered 17 leases and one exploration license totalling 5,375.414 hectares.

Acceptable bids in the Kindersley area generated $902,295.16 for two leases totalling 519.600 hectares.

Millennium Land (222) Ltd. made the highest bonus bid on a parcel in this offering, bidding $5,055,881.79, an average of $1,203.97 per hectare, for a 4,199.342-hectare license in the Estevan area, southeast of Radville. This license is prospective for oil in the Ratcliffe Beds.

The highest dollars-per-hectare bid received was $3,342.19 per hectare, for a total of $216,169.51. This 64.679-hectare lease is in the Lloydminster area, west of Paradise Hill, and was awarded to Synergy Land Services Ltd. This lease is prospective for heavy oil in the Mannville Group.

This is the final public offering of six this fiscal year. The province has received $75.5 million in revenue for the 2023-24 fiscal year.

The next scheduled date for a public offering in Saskatchewan is April 2, 2024. This offering features 145 leases covering 17,676.045 hectares and two exploration licenses covering 2,092.343 hectares.