Released on August 14, 1997
Energy and Mines Minister Eldon Lautermilch today announced that,
with the conclusion of the August sale of Crown petroleum and natural
gas rights, the total land sale revenue received for 1997 continues to
outpace last year. To date, $93.8 million has been raised, compared
with $59.3 million for the same period in 1996.
"Typically, land sales are a bit slower in the summer," Lautermilch
said. "However, this month's sale is another indicator of just how
heated-up Saskatchewan's oilpatch is."
The August 12th sale realized $21.1 million for the province from a
total of 468 parcels. Nine permits (for exploration only) sold for
$3.2 million and 459 leases were purchased for $17.9 million. The
previous sale in June raised $18.3 million from 418 parcels.
All nine permits sold are in an area approximately 30 kilometres south
of the town of Kindersley and immediately north of the South Saskatchewan
River. Wascana Energy Inc. acquired eight of the permits and Fletcher
Challenge Energy Canada Inc. acquired one.
The Weyburn-Estevan area received the most bonus bid activity with sales
totalling $7.9 million. The Kindersley-Kerrobert area was second with
$6.2 million. The Lloydminster and Swift Current areas followed with $5.1
million and $1.9 million, respectively.
The highest price received for a single lease parcel was $663,835. This
517-hectare parcel, located approximately 10 kilometres northwest of Pangman
(70 kilometres west of Weyburn), was purchased by Talisman Energy Inc.
The highest price paid on a per hectare basis was $3,089. Rangeland
Resources Ltd. paid $50,008 for this 16-hectare parcel located in the
Willmar Frobisher-Alida Beds Pool in the southeast part of the province.
The next sale of Crown petroleum and natural gas rights will be
October 7, 1997.
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For more information, contact:
Gordon Hutch, Director
Geology and Petroleum Lands Branch
Energy and Mines
Regina
Phone: (306) 787-2606
