ID 55967 © Jack Dagley | Dreamstime.com

By battlefordsNOW Staff

petroleum and natural gas

August oil and gas public offerings net $1.5M

Aug 16, 2019 | 2:00 PM

Public offerings in August for rights to explore for petroleum and natural gas in Saskatchewan brought in $1.5 million.

The sales from the third of six public offerings bring total revenues for the current fiscal year up to just over $9.5 million.

The highest bonus bid received was $261,409.86 for a 258.254-hectare parcel west of Luseland from Millennium Land Ltd. This is prospective for oil in the Mannville Group.

The highest dollar value per hectare was over $1,828 for a 129.041-hectare parcel that totalled $235,932.11. This land is located west of St. Walburg and was purchased by Silver Hawk Resources and is also prospective for oil in the Mannville Group.

Two leases in the Kindersley area consisting of 130.033 hectares received a total offer of $219,849.51.

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These parcels are situated southwest of Major and were purchased by Millennium Land Ltd.

Saskatchewan currently averages $636.66 per hectare for the fiscal year, higher than similar public offerings held to date in Alberta and British Columbia, which average $155.63 and $87.46, respectively.

The next public offering will be Oct. 1.

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cjnbnews@jpbg.ca

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