Petroleum and natural gas right activity in Southwest remains quiet

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The Southwest has failed to crack the $1 million in activity level for the third time in the past seven Crown petroleum and natural gas rights sales.

During the February sale, the Swift Current region generated $731,874 in interest, up slightly from the $112,697 in activity recorded during the December 2013 sale.

For the Southwest, this was their quietest February sale since 2009 when $520,000 in activity was generated, and it ranks among the bottom four sales held in February dating back to 1995. (February 2014 - $731,874; February 1997 - $700,000; February 2009 - $520,000; February 2007 - $230,000).

Province wide, the first crown land sale of 2014 ranks as the second best February on record with $50.7 million in revenue. The best February on record remains from the record year in 2008, with the February sale that year producing $197 million in activity, with $47 million of that total produced in the Southwest.

February's sale was again led by the Weyburn-Estevan area where $46.6 million in activity was recorded. The Lloydminster area attracted $2.7 million in interest, with the Kinderley-Kerrobert region placing right behind the Southwest at $707,351.

The average price was $1,816 per hectare, with particular interest shown in Bakken areas along the Saskatchewan-U.S. border.

The next sale of Crown petroleum and natural gas dispositions will be held on April 7.

Geographic location: Swift Current, Lloydminster, Kerrobert Saskatchewan U.S. Estevan

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