Saskatchewan’s February sale of petroleum and natural gas rights brought in $50.7 million in revenue - the second-highest February sale on record.
It's the highest total for a February sale since the record-setting 2008 sale that generated $197 million.
The average price paid this sale was an impressive $1,816 per hectare, with particular interest shown in Bakken areas along the Saskatchewan-U.S. border.
Total land sale revenue for the 2013-14 fiscal year is $106.2 million.
“This land sale is a reflection of the competitive investment climate and the great resource we have here in the province,” Energy and Resources Minister Tim McMillan said. “With new records being set in drilling and oil production, the future of the Saskatchewan oil industry looks bright.”
The February sale saw the Estevan-Weyburn area receive the most bids with sales of $46.6 million. The Lloydminster area was next at $2.7 million, followed by the Swift Current area at $731,874 and the Kindersley-Kerrobert area at $707,351.
“The addition of 82 leases and exploration permits in this sale shows industry continues to recognize Saskatchewan as a top jurisdiction to invest in,” McMillan said.
The highest price paid for a single parcel was $14.1 million. Stomp Energy Ltd. acquired the 2,072-hectare exploration licence north of Oungre. The highest price on a per-hectare basis was $16,148. Sandstone Land & Mineral Company Ltd. bid $4.2 million for a 259-hectare lease north of Lampman.
The next sale of Crown petroleum and natural gas dispositions will be held on April 7.
Next week's edition of Lifestyles will have more on this story.