Brian Zinchuk is editor and owner of Pipeline Online
Stampede Drilling Rig 3 working for Homestead Energy north of Hitchcock and east of Macoun on Sept. 23. Photo by Brian Zinchuk
It is exceptionally rare that more money is spent on exploration license than your run of the mill leases, but that’s exactly what happened in the Oct. 6. Crown land sale.
Indeed, exploration licenses outsold leases two-to-one. And the price per hectare for the top license is eye-watering high compared to typical rates paid.
The Government of Saskatchewan’s fourth Crown oil and natural gas public offering of the fiscal year, held on October 6, 2026, generated over $29 million in revenue with bids in the Lloydminster area earning the highest amount, followed closely by bids in the Estevan, Swift Current, and Kindersley areas.
Bids were accepted on 75 parcels, including 69 leases and six exploration licences, covering a combined area of 22,350 hectares. Only five leases did not sell. All six licenses posted sold.
Bidding in the Lloydminster area generated $11,366,578 in revenue, followed by$10,033,965 in the Estevan area, $5,821,007 in the Swift Current area, and $1,909,781 in the Kindersley area.
The six exploration licences brought in a total of $19,829,283. Two of these licences were posted in the Estevan area, three were posted in the Swift Current area, and the remaining licence was posted in the Lloydminster area. Those licenses accounted for 13,670 hectares.
The highest bonus bid received on a lease in this offering was $801,000. This 65-hectare lease was awarded to Hummingbird Energy Inc. and is located northeast of North Portal.
Lloydminster area
The total bonus received in this area was $11,366,578, an average of $1,897 per hectare. This compares to $1,643,564, an average of $383 per hectare at the last offering.
The highest bonus bid received on an exploration licence was $9,995,200. It was the lone exploration licence posted in this area. This 2,324-hectare licence was awarded to Scout Energy Ltd. and is located 6 kilometres east of St. Walburg, near the Spruce Lake East Waseca Sand Oil Pool.
The highest bonus bid and dollars per hectare received on a lease in this offering is $253,179, an average of $2,219 per hectare. This 114 hectare lease was awarded to Durham Creek Energy Ltd. and is located 4 kilometres west of Meota.
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Kindersley-Kerrobert area
The total bonus for the 10 leases covering 2,028 hectares received in this area was $1,909,787, an average of $1,006/hectare. This compares to $1,409,459, an average of $415 per hectare at the last offering. There were no licenses in this area posted or sold.
The highest bonus bid and dollars per hectare received on a lease in this area is $633,862, an average of $3,560 per hectare. This 178 hectare lease was awarded to Millennium Land (444) Ltd. and is located 18 kilometres southwest of Luseland, adjacent to the Plover Lake McLaren Sand Oil Pool.
Swift Current Area
Southwest Saskatchewan saw considerably more interest than it has for some time.
The total bonus received in this area was $5,821,007.74, an average of $718.68 per hectare. No parcels were posted in this area during the last offering. There were four leases totaling 357 hectares that went for a total bonus of $364,468, and average of $1,021 per hectare. There were three licenses totalling 7,743 hectares. They received a total bonus of $5,456,539, an average of $705 per hectare. Every lease and license posted in this area sold.
The highest bonus bid received on an exploration licence in this area is $2,663,897, an average of $1,009 per hectare. This 2,640 hectare licence was awarded to Millennium Land (444) Ltd. and is located four kilometres north of Gull Lake, near the Gull Lake North, Suffield and North Premier Upper Shaunavon Oil Pools.
The highest bonus bid and dollars per hectare received on a lease in this area is $269,368, an average of $2,078 per hectare. This 130 hectare lease was awarded to Millennium Land (555) Ltd. and is located 14 kilometres northeast of Eastend, partially within the Dollard Upper Shaunavon Oil Pool.
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Estevan-Weyburn Area
The total bonus received in this area was $10,033,965, an average of $1,577 per hectare. This compares to $1,475,748.45, an average of $663.24 per hectare at the last offering.
Of the 38 leases posted, totalling 3,016 hectares, 36 sold. They went for $5,656,421, an average of $2,051 per hectare, and totalling 2,758 hectares.
The two licenses totalling 3,603 hectares sold for $4,377,543, an average of $1,215 per hectare.
The highest bonus bid received on a licence in this area is $3,776,746, an average of $1,369 per hectare. This 2,758 hectare lease was awarded to Saturn Oil & Gas Inc. and is located four kilometres east of Storthoaks, between the Fertile Tilston-Souris Valley Beds Oil Pool and Storthoaks Tilston Beds Oil Pool.
The highest bonus bid and dollars per hectare received on a lease in this area is $801,000, an average of $12,392 per hectare. As mentioned above, this 65 hectare lease was awarded to Hummingbird Energy Inc. and is located 8.5 kilometres northeast of North Portal, within the Pinto Frobisher Beds Oil Pool.
According to the Ministry of Energy and Resources, “Leases are issued for terms of up to five years, granting the right to drill for and produce oil and natural gas. Exploration licences are issued for terms ranging from two to five years in less-developed areas, authorizing both exploration activities and future production opportunities. Several factors affect public offering activity, including oil and gas prices, land availability, geological and technological constraints, and various market conditions.”
The next offering is scheduled for December 1, 2026.
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