Southwest continues quiet Oil and Gas rights trend

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The Southwest endured its slowest level of interest this year during Saskatchewan's June sale of petroleum and natural gas rights.

The Swift Current area recorded just $628,353 in activity while marking the fifth time over the past 13 sales that the region has not topped the $1 million in activity mark. Year to date the Southwest has produced $2.56 million in activity.

Province wide the June sale generated $11 million in revenue, led by the Weyburn-Estevan area where $6.5 million in bids were recorded. The Lloydminster area generated $3 million in activity, while the Kindersley-Kerrobert area had $916,852 in interest.

Year to date the petroleum and natural gas rights sales have produced $109.6 million in interest during the first three sales of 2014, well ahead of the $67.4 million recorded in all of 2013 and the $105.7 million in activity from 2012.

“Industry continues to place a premium on Saskatchewan’s oil and gas rights, as land sales to date in 2014 have averaged $920 per hectare compared to an average of $450 per hectare in Alberta,” Energy and Resources Minister Tim McMillan said.  “Saskatchewan remains a top choice for industry to make significant investments in land acquisition, drilling activity, and service and supply expenditures.”

The next sale of Crown petroleum and natural gas dispositions will be held on Aug. 11.

Geographic location: Saskatchewan, Swift Current, Lloydminster Alberta Estevan Weyburn Kindersley Kerrobert

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