Lloydminster brings in highest bonus bid during latest oil and gas public offering
A crude oil pump during a sunset. (Pixabay.com)
A property in the Lloydminster area received the highest bonus bid during the last Saskatchewan oil and gas public offering.
The offering allows companies to bid for the rights to explore and drill provincial land for oil and natural gas. This lease was awarded to Lacadena Land Company Inc. and is prospective for heavy oil in the Mannville Group. In total, it brought in $84,921.58.
Most activity was in the Estevan and Swift Current areas. The Estevan area received $362,966.60 in bids for 39 parcels totalling over 2,573 hectares, while the Swift Current area received $209,793.58 in bids for 15 leases totalling over 2,201 hectares.
In total, the offering generated $760,849.23 in revenue for the province, for a cumulative yearly total of $5,317,642.56.
This was the fourth of six public oil and gas offerings this year, with the next set for December 1, 2020.