Monday, 17 April 2017 10:56

April's public offering of petroleum and natural gas rights raises $1.3M

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Saskatchewan’s first public offering of Crown petroleum and natural gas rights for the 2017 fiscal year raised $1.3 million dollars last week.


This was the first of the six public offerings of petroleum and natural gas dispositions held on a regularly scheduled basis throughout the fiscal year.  Public offering revenues can fluctuate from sale to sale based on elements such as the oil potential of available parcels, geological and technological constraints, and market conditions—all of which can influence pricing and bid activity.

Three parcels north of Eatonia received bonus bids totalling $321,794.55 for 777 hectares; these parcels are prospective for oil and gas in the Viking Formation.  The highest dollar per hectare was $2,009.23 for a 16.188 hectare parcel south of Stoughton.

“This public offering comes as the province’s drilling activity for the first quarter of 2017 is double what it was during the same period one year ago,” Energy and Resources Minister Dustin Duncan said.  “Increased activity of this nature is a positive sign of economic growth, enabled by the advantages that make Saskatchewan one of the highest-ranked jurisdictions in the world for oil and gas investment.”

The Ministry of the Economy recently enhanced these advantages with the launch of the new Saskatchewan Mining and Petroleum GeoAtlas—a client-centred online mapping tool that combines new and existing information on the geology and mining and petroleum resources of the province.  The GeoAtlas provides a window to mining and petroleum data as well as additional spatial information sources, and offers mapping and tools based on three map themes: Mineral Tenure, Oil and Gas, and Geoscience.  It is available online at https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas.

The next public offering of petroleum and natural gas rights will be held on June 6, 2017.

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