REGINA – The Government of Saskatchewan’s Crown latest oil and natural gas public offering, held on Oct. 29, raised $7,304,936 for the province, with the southeast region generating the majority of the revenue.

Of the 112 parcels posted for this offering, 93 received acceptable bids, covering a total of 15,347.639 hectares.

The southeast brought in $5,417,916 for 56 leases and one exploration licence, for a total of 8,330.517 hectares.

The Kindersley area fetched $1,325,636.53 for 21 leases for a total of 5,063.604 hectares.

Surge Energy Inc. made the highest bonus bid and the highest dollars-per-hectare bid in its offering of $1,369,276, or $5,284.76 per hectare. This was for a 259.099-hectare lease northeast of Macoun.

Millennium Land (444) Ltd. won the single exploration licence posted in this offering, bidding $407,670.71 for a 2,318.023-hectare licence south of Minton.

There are six scheduled public offerings of oil and natural gas dispositions held each fiscal year in Saskatchewan. According to the provincial government, this process uses an open and competitive bidding system to issue oil and natural gas dispositions.

Several factors affect public offering activity, including changes in oil and gas prices, land availability, geological and technological constraints, and various market conditions.

For more information about oil and gas public offerings in Saskatchewan, please visit the schedule of public offerings section on the provincial government’s website.

After four public offerings this fiscal year, the provincial government has raised $37,382,523.18 in revenue. The next offering is scheduled for Dec. 3.