A record-breaking 2007 for sales of Crown petroleum and natural gas rights has now been followed by the best single land sale and the best fiscal year in Saskatchewan's history.

February's sale of Crown petroleum and natural gas rights raised $194 million in revenue for the province, more than doubling the old record of $85 million in 1994. This brings the 2007-2008 fiscal year total to $419 million, eclipsing the previous record of $202 million set in 1994-1995.

On the strength of the hot Bakken oil play, the Weyburn-Estevan area again dominated the sales activity, bringing in $132 million. This was followed by the Swift Current area with $47 million in sales, the Kindersley-Kerrobert area with $16 million in sales and the Lloydminster area at $2 million in sales.

On average, the Weyburn-Estevan area brought in $3,023.95 per hectare ($1,223.75 per acre). This compares to a total of $12.1 million for an average of $1,041.97 per hectare ($421.67 per hectare) at the last sale.

The top purchaser of acreage in the area was Saskatoon Assets Inc. who spent $45 million to acquire three lease parcels and three licenses.

The top price paid for a single lease in the area was $3.4 million paid by Petroland Services (1986) Ltd. for a 259-hectare (640 acre) parcel situated adjacent to the Kisbey-Alida Beds Pool, 18 kilometres southeast of Stoughton.

Saskatoon Assets Inc. paid the top price for a single license in the area, paying $30.3 million for a 2,285.94 hectare (5,648.68 acre) block offering split rights and situated partially within the Lost Horse Hills Frobisher-Alida Beds Pool, six kilometres north of Stoughton.

The highest dollar per hectare in the area was received from Saskatoon Assets Inc. who paid $15,255.55 per hectare ($6,173.73 per acre) for a 129.5-hectare (320 acre) parcel offering deeper rights and located within the Melrose Frobisher-Alida Beds Pool, eight kilometres northeast of Stoughton. This was also the highest paid dollar per hectare paid in the province.

In total, 13 licenses were posted for 23,687.42 hectares and all 13 were sold for a total of $88.4 million, an average of $3,731.10 per hectare. There were 190 leases posted for 21,516.09 hectares. A total of 176 leases were sold for 20,096.21 hectares, bringing in $44 million for an average of $2,190.18 per hectare.

February's sale included a total of 16 exploration licenses sold in the province, bringing in $120.5 million, and 308 lease parcels that brought in $76.7 million. Another record was broken as the average price paid on a per hectare basis was $2,494, beating the old mark of $1,515 set in October.

The next sale of Crown petroleum and natural gas dispositions will be Monday, April 7.