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Sale of oil and natural gas rights down in Sask.

There has been a drop in the sale of oil and natural gas rights in Saskatchewan.
There has been a drop in the sale of oil and natural gas rights in Saskatchewan. Jeff Mcintosh / The Canadian Press

REGINA – There has been a drop in the sale of oil and natural gas rights in Saskatchewan.

The province says the October sale of Crown rights has brought in $9.1 million.

That compares to $15.2 million for the same time last year.

“There has been a shift in focus by industry from purchasing dispositions to drilling those purchases in order to bring them into production,” Energy and Resources Minister Tim McMillan said.  “However, land sales have remained stable, averaging $11 million per sale over the past year, with both Alberta and British Columbia experiencing similar trends in land sale activity.”

The revenue total for land sales in 2013 is $53.5 million.

The Weyburn-Estevan area received the most bids and had sales of $5.0 million, Lloydminster followed with $2.0 million and the Kindersley-Kerrobert had $1.0 million.

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“It’s worth noting that oil production is currently 3.0% higher than last year, which itself was a record year,” McMillan said.  “This confirms that industry continues to invest with confidence in Saskatchewan.”

With Files from the Canadian Press

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