December’s public offering of Saskatchewan’s Crown petroleum and natural gas rights on Tuesday raised $14 million in revenue for the province, bringing the total for the fiscal year to date to $48 million with one sale remaining.
This is the second-largest revenue for a single public offering so far in the 2016-17 fiscal year, and the current total has now exceeded the amount of $43 million for the previous fiscal year.
“This increased investment shows that the petroleum industry continues to recognize the opportunities that exist in Saskatchewan,” Energy and Resources Minister Dustin Duncan said. “More oil wells were drilled in Saskatchewan in the first 11 months of 2016 than in Alberta, an indicator that our province is setting the pace in Canada in terms of both industry activity and policy attractiveness.”
Tuesday’s public offering occurred on the same day that the Fraser Institute released its 10th annual global survey on barriers to investment in oil and gas exploration and production facilities. According to the 2016 survey, international petroleum industry executives and managers now rank Saskatchewan as the fourth most attractive jurisdiction for investment in the world, rising from seventh place, and number one in Canada, while Alberta fell 18 spots in the world rankings to 43rd.
One exploration licence and two leases located west of Estevan received bonus bids in Tuesday’s public offering, totalling $7.6 million for 1,554 hectares. Stomp Energy Ltd. was the successful bidder of these parcels that are prospective for multiple targets, including the Midale and Frobisher Beds of the Madison Group, the Bakken Formation, the Three Forks Group/Torquay Formation and the Red River Formation.
The next public offering of petroleum and natural gas rights will be held on February 7, 2017.
Source: Public Offering of Petroleum and Natural Gas Rights for December Raises $14 Million | News and Media | Government of Saskatchewan
“Oil prices continue to have an impact on activity across western Canada, as industry exercises caution in increasing their land inventories,” Economy Minister Bill Boyd said in a press release. “At the same time, Saskatchewan lands are at a premium, reflecting our reputation as the top jurisdiction in Canada, and among the top 10 in the world, for petroleum investment attractiveness. ”
via Regina Leader-Post http://ift.tt/1P9XuAo
Amendments to The Saskatchewan Farm Security Act, clarifying who can and cannot own farmland in Saskatchewan, have been proclaimed and will come into effect on January 4, 2016.
“The people of Saskatchewan provided very clear direction during the consultation process,” Agriculture Minister Lyle Stewart said. “The legislation reflects the views of Saskatchewan residents, provides clarity around farmland ownership and gives the Farm Land Security Board the tools it needs to enforce the rules.”
The amendments include:
- Making pension plans, administrators of pension fund assets and larger trusts ineligible to buy farmland;
- Defining “having an interest in farmland” to include any type of interest or benefit (i.e. capital appreciation), either directly or indirectly, that is normally associated with ownership of the land; and
- When financing a purchase of farmland, all financing must be through a financial institution registered to do business in Canada, or a Canadian citizen.
Non-Canadian citizens can still own up to 10 acres of farmland, and exemptions can still be granted for economic development initiatives. These rules were in place previously and will not change.
In addition, the Farm Land Security Board (FLSB) will receive new and expanded authority to enforce the legislation, including:
- At the discretion of the FLSB, any person purchasing farmland must complete a statutory declaration;
- Placing the onus to prove compliance with the legislation on the person purchasing the land;
- Increasing fines for being in contravention of the legislation from $10,000 to $50,000 for individuals and from $100,000 to $500,000 for corporations; and
- Authorizing the FLSB to impose administrative penalties to a maximum of $10,000.
The amendments put into law the regulations announced in April.
The Ministry of Agriculture conducted consultations on farmland ownership from May 20 through to August 10, with more than 3,200 people participating.
For more information, contact:
Via: Government of Saskatchewan