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Lloydminster brings in $64.5K in first Sask Oil and Gas offering of the year

The totals are in from the first Saskatchewan oil and gas public offering of the year.

The Crown petroleum and natural gas rights bids saw the Lloydminster area bring in a total of $64,574.16 for leases of 420.878 hectares total.

The Estavan area had the highest levels of activity this round, with leases within the region receiving both the highest bonus bid for a parcel of land as well as the highest dollars per hectare on a lease.

The highest bonus bid received on a parcel in this offering was $324,786.00 (or $627.00 per hectare) for a lease in the Estevan area. The lease, totalling 518 hectares was awarded to Cougar Creek Land Ltd. and is prospective for oil in the Bakken Formation.

The highest dollars per hectare received in this offering was for a 64.8-hectare lease in the Estevan area by Crescent Point Energy Corp. They bid $220,554.04, or $3,406.24 per hectare, for this parcel that is prospective for oil also in the Bakken Formation.

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In total, this public offering brought in over $1.9 million, with Lloydminster sitting in the middle of the pack. The Kindersley area brought in just over $196,000 dollars and Swift Current sat on the other side with $33,000.

This oil and gas offering is the first of six, and the next one is on June 1st.

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