The Government of Saskatchewan’s August oil and natural gas public offering generated more than $24 million in revenue, the largest amount earned from such offerings in more than a decade.
Total bids for oil and natural gas leases and exploration licences generated $24.3 million on August 5th. The last time a public offering for oil and natural gas rights reached or exceeded that amount was in August 2014, when bids generated $48.4 million.
Saturn Oil & Gas Inc.’s $15 million bid was the largest in this public offering. The bid was for a 3,998.250-hectare exploration licence for a parcel prospective for light oil in the Estevan area, near Creelman.
Overall, the Estevan area generated the most revenue by a landslide amount, $23.4 million, mostly driven by bids on three exploration licences and 23 leases. The Lloydminster area came in second place, with $545,000 generated, followed by the Kindersley area, at $360,000.