Province Earns $19Million From Latest Crown Land Sale
The province is reporting $19Million in revenue from the latest crown land sale of petroleum and natural gas rights. Nineteen exploration licences west of Estevan received bonus bids totalling $17,096,387.88 for 112,567.917 hectares. Four companies were successful in acquiring these licences: Scott Land & Lease Ltd. bid $7,944,214.74 for seven exploration licences totalling 41,342.894 hectares; Stomp Energy Ltd. bid $5,554,245.22 for five exploration licences totalling 22,953.888 hectares; Plunkett Resources Ltd. bid $3,266,731.67 for five exploration licences totalling 42,249.382 hectares; and Lexterra Land Ltd. bid $331,196.25 for two exploration licences totalling 6,021.75 hectares.These parcels are prospective for multiple targets including the Ratcliffe Beds of the Madison Group and the Bakken, Torquay, Birdbear, Winnipegosis and Red River Formations. The next public offering of petroleum and natural gas rights will be held on December 5.
The current revenue for the 2017-18 fiscal year from crown land sale of petroleum and natural gas rights is valued at $51Million.
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