JUNE LAND SALE GENERATES $11 MILLION

JUNE LAND SALE GENERATES $11 MILLION Oil & Gas SouthWest Saskatchewan  Saskatchewan Land Sales

Saskatchewan’s June sale of petroleum and natural gas rights brought in $11 million in revenue, bringing the total for 2014 land sales to $110 million after three sales.

“Industry continues to place a premium on Saskatchewan’s oil and gas rights, as land sales to date in 2014 have averaged $920 per hectare compared to an average of $450 per hectare in Alberta,” Energy and Resources Minister Tim McMillan said. “Saskatchewan remains a top choice for industry to make significant investments in land acquisition, drilling activity, and service and supply expenditures.”

In November 2013, the Fraser Institute released the results of an international survey of petroleum executives that ranked Saskatchewan first among Canadian jurisdictions for oil and gas investment, and near the top globally. Saskatchewan rated particularly well in regards to policy, taxation regime and investment and regulatory climate.

The June sale saw the Weyburn-Estevan area receive the most bids with sales of $6.5 million. The Lloydminster area was next at $3.0 million, followed by the Kindersley-Kerrobert area at $916,852 and the Swift Current area at $628,353. The highest price paid for a single parcel was $1.2 million. Aldon Oils Ltd. acquired the 3,366 hectare exploration licence near Radville. The highest price on a per-hectare basis was $7,515. Scott Land & Lease Ltd. bid $486,630 for a 64.75 hectare lease east of Estevan.

The top work commitment bid for the oil shale special exploratory permit block on offer near Hudson Bay was $750,000 from Prairie Land & Investment Services Ltd.

The next sale of Crown petroleum and natural gas dispositions will be held on August 11, 2014.

via The Advance

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