The latest public offering of Saskatchewan’s Crown petroleum and natural gas rights this week has raised $1.7 million for the province.
That brings the total for the 2016–17 fiscal year to $50 million. It is the last of the current fiscal year, with the total surpassing the $43 million raised during the previous fiscal year.
The public offering Tuesday included four leases north of Lampman receiving bonus bids totalling $537,079 for 583 hectares. Their targets include the Midale and Frobisher-Alida Beds of the Madison Group, as well as the Bakken Formation.
The highest bid per hectare was $3,201.87, for parcel west of St. Walburg of a 48.564-hectare.
The province is encouraged by the sales, and credits the Integrated Resource Information System (IRIS), implemented in 2015 to provide enhanced service to the industry, in allowing companies to conduct a wide range of business and regulatory tasks online with the Government of Saskatchewan 24 hours a day, seven days a week.
“This is an indicator that a tough, forward-looking industry continues to see opportunities for oil and gas development in Saskatchewan,” said Energy and Resources Minister Dustin Duncan in a statement.
“Saskatchewan is considered one of the world’s top jurisdictions for petroleum investment. We continue to work on building that reputation and improving our capabilities to meet the needs of the industry to help grow our economy.”
According to the province the next public offering of petroleum and natural gas rights will be April 11.
