LAND SALES MORE THAN TRIPLE LAST YEAR'S PACE

Interest in Saskatchewan's oil and gas resources just keeps climbing, with land sales more than triple the figure a year ago.

June's land sale generated $33.9 million, bringing this year's total to $86 million in revenue for the province, well ahead of the $24.4 million for the same period last year.

"This year's surging sales represent a continuing vote of confidence in Saskatchewan by the oil and gas sector," Industry and Resources Minister Eric Cline said. "The strong numbers reflect a healthy industry poised to do even more exploration and development, and that's good news for our province and its wide-open future."

The June sale broke April's record sales of exploratory land with 115 exploration licences, which brought in $26.9 million or nearly 80 per cent of sale revenue. Another 190 lease parcels sold for an additional $7 million.

The Kindersley-Kerrobert area received the most bonus bid activity with sales of $14.3 million, followed closely by the Swift Current area at $14.2 million. The Lloydminster area was next at $4.2 million, with the Weyburn-Estevan area at $1.3 million.

The highest price received for a single parcel was $2,700,907. Scott Land & Lease Ltd. of Calgary purchased the exploration licence of nearly 30 sections, located 30 kilometres south of Kindersley.

The highest price on a per hectare basis was $2,017. This quarter-section parcel, located in the Lacadena Milk River Gas Pool, 34 kilometres southeast of Eston, was purchased by Husky Oil Operations Limited for $130,612.

The next sale of Crown petroleum and natural gas dispositions will be August 12th, 2003.

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For More Information, Contact:

Ed Dancsok Industry and Resources Regina Phone: (306)787-2602