December oil and gas public offering generates $11.4 million in revenue

The Government of Saskatchewan’s Crown oil and natural gas public offering, held on Tuesday, December 3, 2024, raised $11,392,502.38 for the province, with the Estevan area generating most of the revenue.

Of the 56 parcels posted for this offering, 51 received acceptable bids, covering a total of 13,561.384 hectares.

The Estevan area generated the most financial interest, bringing in $8,088,540.01 for 29 leases totalling 3,412.246 hectares.

Bidding in the Kindersley area reached a total of $2,449,481.81 for six leases and four exploration licences totalling 7,613.867 hectares.

Veren Inc. made the highest bonus bid on a parcel in this offering, bidding $2,351,041.01 ($4,543.25 per hectare) for a 517.480 hectare lease in the Estevan area, south of Kipling.

Millennium Land (111) Ltd. offered the highest bonus bid on an exploration licence, offering $1,345,489.48 ($562.89 per hectare) for a 2,390.324 hectare licence in the Kindersley area, east of Eatonia.

After five public offerings this fiscal year, the provincial government has raised $48,775,025.56 in revenue.

The next offering is scheduled for February 4, 2025.

There are six scheduled public offerings of oil and natural gas dispositions held each fiscal year in Saskatchewan. This process uses an open and competitive bidding system to issue oil and natural gas dispositions.

Several factors affect public offering activity, including changes in oil and gas prices, land availability, geological and technological constraints and various market conditions.

For more information about oil and gas public offerings in Saskatchewan, please visit: Schedule of Public Offerings webpage on saskatchewan.ca.