The province's Crown petroleum and natural gas public offering on April 2 generated a substantial $15,454,748.02 in revenue, with southeast Saskatchewan dominating the activity.

The Estevan area proved the most lucrative, accounting for $13,795,439.18, or 89 percent, of the provincial total. This revenue is derived from 84 leases and two exploration licenses spanning 9,797.237 hectares. In all, there were 93 leases posted for the region, making up the majority of the 145 across the province. 

Hummingbird Energy Inc. secured the highest bid of the offering, paying $2,200,000 for a 193.711-hectare lease northeast of Midale. Hummingbird also picked up two other leases in the same area with bids of $1,890,000 for a 259-hectare lease and $1,240,000 for a lease covering 129 hectares. 

Crescent Point Energy Corp. also made major investments, acquiring two exploration licenses northeast of Lampman for a combined total exceeding $3 million. These licenses target oil potential in the Bakken Formation. These licenses were the only two offered in the sale.

The bidding activity in other regions included:

  • Lloydminster Area: $1,425,234.16 for 32 leases
  • Kindersley Area: $234,074.68 for five leases

This offering marks the first of six scheduled for the current fiscal year and represents a significant increase compared to the first offering of the previous fiscal year. The next scheduled public offering is slated for June 4.