Saskatchewan generates $2.4M from August’s oil and gas public offering

Saskatchewan’s August public offering of Crown petroleum and natural gas rights made the province close to $2.4 million in revenue.

Held on Tuesday, the offering allows companies to bid for the rights to explore and drill provincial land for oil and natural gas.

The highest bids came out of the Estevan and Lloydminster areas. The Estevan area made the province $1,378,336.78 for 2,120.463 hectares of land.

Get breaking National news

Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story.

Sign up for breaking National newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

The Lloydminster area made the province $1,010,663.16 for 5,762.363 hectares of land.

Millennium Land (111) Limited, from the Lloydminster area, made the highest bid, receiving access to 971.258 hectares for $407,918.65.

Vital Energy Incorporated purchased the most expensive rights at $3,449.50 per hectare. In total, the company purchased $223,355.13 worth of land access.

Tuesday’s public offering was the third of six scheduled for the 2020-21 fiscal year, totaling $4,556,793.33 in revenue.

The next oil and gas public offering is set to take place Oct. 6.

2:01 Alberta government allowing producers to drill new conventional oil wells without production limits