Saskatchewan hasn’t been making much on drilling rights these past few years – until now.
According to the Ministry of Economy, June’s public offering of petroleum and natural gas rights has raised $22.8 million dollars – the largest revenue for a single public offering in nearly three years – and speak to the “strong interest” in the area prospective for heavy oil northeast of Lloydminster.
On Gormley Thursday, Energy and Resources Minister Dustin Duncan said the rights go to Millenium Land Ltd. for land near Midale, the community southeast of Weyburn, as well as in the St. Walburg area near Lloydminster.
The Ministry of Economy said Millenium bid $4,002,780 to acquire a 1,327-hectare exploration licence located southwest of Midale.
“This shows that not only are they putting money back into the economy through the drill bits, but as well, they’re looking to add back to their inventory so this is very positive news for the industry,” Duncan said.
The sale brings the total for the 2017 fiscal year to $24 million after two sales.
“In one land sale, we are halfway to what we earned all of last year over six land sales,” Duncan explained. “It’s been a tough couple of years when it comes to land sales. The last two land sales have been historically low, in the neighbourhood of a million dollars to a million-and-a-half.”
The ministry said the next public offering of petroleum and natural gas rights will be held on Aug. 1, 2017.
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