April oil and gas public offering in Sask. sets record of $19.3M

The Energy City was a popular place during April’s public offering of Crown petroleum and natural gas rights.

More than $17.1 million was paid for 142 parcels of land in the Estevan area during Tuesday’s offering. Of those parcels, 17 generated bonus bids of nearly $12.2 million.

The offering generated more than $19.3 million in revenue which, according to the government, was 10 times the revenue collected in April of 2021. In fact, the offerings for the 2022-23 fiscal year already have exceeded the total of around $15 million from the six offerings last year.

There are five more sales set for this fiscal year.

Of the 208 parcels offered Tuesday, 169 representing a total of more than 23,000 hectares received acceptable bids. The average bonus bid was $816.80 per hectare, while the highest acceptable bid was $24,318.44 per hectare.

The next sale is set for June 7.