The first public offering of Saskatchewan’s Crown petroleum and natural gas rights, for the 2019-2020 fiscal year, raised a total of $1.5 million.
The offering was largely based in the Swift Current area, claiming 14 of the 38 leases sold and taking in $914,349.97. Kindersley picked up four leases totalling $204,927.13, Estevan 11 leases for $245,288.91 and Lloydminster had the remaining nine leases totalling $192,916.74.
The April 9, 2019 public offering brought in an average of $278.33/hectare, which is the highest average price-per-hectare among the western provinces.
In comparison, the previous and final public offering for the 2018-2019 fiscal year held on Feb 5, 2019, brought in just over $10 million, averaging $669.53/hectare.
At the recent public offering, Millennium Land (444) Ltd. made the top bid, spending $416.196.81 for 4 parcels of land. Additionally, they purchased 128.360 hectares of land for $221,322.02, paying more than five times the average at $1710.90/hectare.
The next public offering is scheduled for June 4, 2019.