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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (12757)	10/9/1998 6:57:00 AM
From: Kerm Yerman	Read Replies (4) of 15196

IN THE NEWS / Saskatchewan Crown Oil, Gas Right Sales Double In October The October sale of Crown petroleum and natural gas rights brought in $12.3 million for Saskatchewan, Energy Minister Eldon Lautermilch said this morning. "Low crude oil prices are understandably having a dampening impact on overall industry spending this year but strong gas interest in the province's southwest provided an investment counterbalance in this sale," Lautermilch said in a press release. The last sale in August brought in $6.7 million. Drilling in the Swift Current area, in the southwest part of the province, continued to match last year's record pace, with gas drilling almost triple that of last year. The area also had the most revenues in the October sale -- a total of $5.2 million. The Weyburn-Estevan area was second with $4.6 million. A total of 350 parcels of land were sold -- 23 exploration licences for $5.2 million and 327 leases for $7.1 million. The majority of the leases are in southeastern Saskatchewan. The highest price came from Western Land Services Co. Ltd., which spent $527,106 to lease a 259-hectare piece of land located 10 kilometres southwest of Montmartre. The next sale will be Dec. 1.

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