Clark's Crossing Gazette

June oil and gas offering raises $2.9M in revenueFree Access

Saskatchewan’s public offering of Crown petroleum and natural gas rights held on Tuesday, June 7, 2022, raised $2,934,410.42 for the province, representing an increase of $2.4 million compared to the June 2021 offering.

The revenue generated from the June and April sales totals $22.2 million, exceeding the $15 million raised during the entirety of the 2021-22 fiscal year. The previous five sales raised $19 million in April 2022, $6.1 million in February 2022, $1.4 million in December 2021, $1.9 million in October 2021 and $3.1 million in August 2021.

Of the 70 parcels posted for the June 2022 oil and gas public offering, 53 received acceptable bids, which covered 6,331.925 hectares. The average bonus bid was $463.43 per hectare with the highest acceptable bid at $6,180.00 per hectare.

The Estevan area saw the most interest, bringing in $2,645,873.18 for 38 parcels covering 4,649.346 hectares. The highest bonus bid in this offering was $641,751.62 for a 387.681 hectare lease in the Estevan area, northeast of Stoughton. An exploration license posted in the Estevan area received a bid of $602,204.02. 

The June sale is the second of six oil and gas public offerings scheduled for 2022-23 fiscal year. The next sale is scheduled for August 9, 2022 and will feature 93 leases covering 8,702 hectares.