Paul Martin's Business Update - October 10th, 2014

Even though oil prices have been falling, interest from the industry in this province is showing no signs of weakness.

One of the prime indicators of how oil and gas explorers feel is the government sales of drilling and exploration rights which is held every second month. The latest was earlier this week and brought in more than $20 million. That’s more than double the amount generated by the October sale last year.

The government says this sale now brings the total take for the calendar year to $180 million and there is one more in December which compares quite favorably to the $70 million recorded in all of last year.

It’s also already twice what the provincial government had forecast to take in when it released the budget earlier this year.

The bulk of the action in this sale was in the southeast but there continues to be expansion in the areas of high interest. This particular sale had buyers interested in regions along the Manitoba border and closer to Moosomin as several plays or pools are garnering attention.

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