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NEW DEEP OIL AND GAS RIGHTS REVERSION PROGRAM HELPS MAXIMIZE RESOURCE RECOVERY

Released on April 1, 1998

Energy and Mines Minister Eldon Lautermilch announced that, effective

today, the ownership of oil and gas rights to unexplored and

non-producing deep formations in Crown leases more than five years old

will start returning to the Government of Saskatchewan. These lands

will be offered for re-sale to other oil and gas exploration companies

through the government land sales held every second month to stimulate

new investment and maximize the benefit of the province's oil and gas

resources.



Known as "deep rights reversion", the process of severing oil and gas

rights below the deepest designated producing formation in a Crown

petroleum and natural gas lease began more than five years ago when

the oil and gas industry was notified of the government's intentions.

The government announced that it would amend The Crown Minerals Act to

include deep rights reversion provisions similar to those already in

place in Alberta. Companies acquiring leases since then are given

five years to exercise their exploration and production rights after

which time, formations below the deepest producing level will once

again become the property of the Crown.



"Oil and gas companies have told us they are interested in making

the additional investment to purchase and explore these deep

rights, particularly with the deep discoveries in the Midale

area," Lautermilch said.



"That is because they are relatively unexplored and technological

advancements have made it easier for industry to explore, develop

and produce oil and gas from those depths. But this is also a

prudent move to maximize revenues from our oil and gas resources.

We will realize additional revenues through Crown land sales, and

ultimately, incremental royalties from any new oil or gas

discovered in these newly acquired lands."



Due to the time required to confirm the severed rights and the

deadlines for posting land being offered for sale, the first

phase of expired deep rights will likely be offered in the

October 1998 land sale.



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For more information, contact:



Marg Moran McQuinn

Energy and Mines

Regina

Phone: (306) 787-2567

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