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

Saskatchewan's August public offering of Crown petroleum and natural gas rights held Tuesday generated $2,390,943.09 in revenue.
Saskatchewan's August public offering of Crown petroleum and natural gas rights held Tuesday generated $2,390,943.09 in revenue. Jeff Mcintosh / The Canadian Press

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.

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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.

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.

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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.

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