Brian Zinchuk is editor and owner of Pipeline Online
First you buy the land, then you build the lease. Photo by Brian Zinchuk
REGINA – The Government of Saskatchewan’s Crown petroleum and natural gas public offering held on Tuesday, February 7, has raised $3,100,291 in revenue for Saskatchewan. The Lloydminster area was the focus of the dollars this time around, if not the number of leases.
The February sale is the final petroleum and natural gas public offering scheduled for the 2022-23 fiscal year, bringing the total amount of revenue for the year to $49,205,888.
Of the 54 parcels posted, 48 received acceptable bids covering 6,652 hectares. The average bonus bid was $466 per hectare, with the highest acceptable bid at $3,157 per hectare.
The highest bonus bid received on a lease in this offering is $270,892 for a 243 hectare lease located southwest of Lashburn. Synergy Land Services Ltd. was awarded this lease.
Overall, the Lloydminster area saw the most interest when it came to the number of hectares and money spent, bringing in $1,798,538 for 12 leases and four exploration licenses, totaling 3,891 hectares. A total of sixteen leases were posted, with four not selling. This area averaged $291 per hectare.
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The highest bonus bid received on a lease in this offering was $270,892, or $1,113 per hectare. This 243 hectare lease is located three kilometres southwest of Lashburn, within the Lashburn West Sparky Sand Oil Pool. The successful bidder was Synergy Land Services Ltd.
But the Estevan area had the most leases, at 26, which brought in $981,870 totaling 1,819 hectares. The Estevan area averaged $540 per hectare.
A parcel posted in the Estevan area, 16 kilometres east of North Portal, received the highest dollar per hectare bid of $3,157 per hectare. Vermilion Energy Inc. bid $101,582 for the 32 hectare lease. This parcel is located within the Northgate Frobisher Beds Oil Pool.
The Swift Current area had one lease posted, but it did not sell.
The Kindersley area saw seven leases posted, with six selling. Those six totaled 941 hectares which went for $319,882, an average of $340 per hectare.
The highest bonus bid received on a parcel in this area was $196,706 or $757 per hectare. This 260 hectare lease was awarded to Prairie Land & Investment Services Ltd. and is located 27 kilometres northwest of Elrose, adjacent to the Tones Viking Formation Gas Pool.
An exploration license, totaling 582.75 hectares, received a bonus bid of $611,882.25 or $1,050.00 per hectare. This license is located northeast of Lloydminster and within the Northminster Sparky Oil Pool. The successful bidder was Metropolitan Resources Inc.
The next sale is scheduled for April 4, 2023.
Pipeline Online provides the in-depth coverage and analysis in Saskatchewan’s energy sector that no one other media comes even close to. Our lead story is posted at 7 a.m., Monday to Friday. Follow on LinkedIn, Facebook or Twitter.
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