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OIL PRODUCTION INDICATORS REACHING NEW HIGHS

Released on July 15, 1997

Mid-year statistics released today by Energy and Mines Minister Eldon

Lautermilch confirm that Saskatchewan's oil patch is in for another

high-performance year. At the end of June, the number of licences

issued and total oil, gas and other wells drilled were up 50 and 54

per cent respectively over the same period last year.



The increased activity levels, which are boosting production levels,

are attributable entirely to oil exploration and development where the

number of successful wells drilled is up almost 70 per cent. "Last

year was the fourth consecutive record-setting year for oil production

and we believe we'll break that record again, assuming that prices

hold," Lautermilch said.



"The intense activity levels mean that people are working and rural

communities are prospering from industry expenditures," Lautermilch

added. "In fact, drilling rigs are at full utilization and companies

are hiring every worker in these oil producing regions that they can

find. Basically, the oil sector is running at full capacity."



Since Saskatchewan's royalty systems are price-sensitive and oil

prices are somewhat lower than forecasted at budget time, the

government is not anticipating resource revenue windfalls. However,

high industry cash reserves from last year's very strong oil prices

are enabling companies to continue to re-invest in very aggressive

drilling programs.



Activity levels were highest in the Estevan area followed closely

by Lloydminster. The Kindersley area posted the strongest

year-over-year increase, up 96 per cent. Stampeder Exploration

heads a pack of a half dozen major industry players who are

intensifying heavy oil exploration in the region. Across the

province, the top five drillers for the first half of 1997 are

Renaissance Energy Ltd., Wascana Energy Inc., Stampeder

Exploration Ltd., Husky Oil Operations Ltd. and Talisman Energy

Inc.



The buoyant oil sector compensates for low gas activity where the

number of successful gas wells drilled is down 52 per cent from

last year.



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For more information, contact:



Marg Moran McQuinn

Energy and Mines

Regina

Phone: (306) 787-2567

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