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Oil and gas land sale rights down in Saskatchewan as industry struggles

April 14, 2016 11:58 AM
The Canadian Press

REGINA – Sales of petroleum and natural gas rights in Saskatchewan are down as investment in the sector plunges.

The province says the April sale raised $3.1 million, bringing the year’s total so far to $8.1 million.

That’s almost two-thirds less than the $22.8 million brought in over the same period last year and far below the $98.6 million raised over the same dates in 2014.

Economy Minister Bill Boyd says there’s no question that when the price of oil drops significantly, the markets react and raising investment capital is more difficult for industry.

The province says there is an upside and points out that the industry continues to pay premium prices in Saskatchewan.

It says sales in Saskatchewan averaged $404 per hectare, whereas Alberta has averaged $114 and British Columbia $243.

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