PREMIER COMMITS TO EXPLORING OIL SANDS POTENTIAL

Premier Brad Wall wants both industry and Saskatchewan's new government to look at ways to encourage sustainable development of the province's oil sands resources.

The premier delivered a message today of investment optimism around both oil sands and conventional oil to a Regina business audience attending a Saskatchewan oil sands seminar organized by Wellington West Capital Inc.

"There is a lot of room for new investment in Saskatchewan's industry and the energy science and technology associated with it," Wall said. "Our oil sands could offer tremendous opportunities for economic growth if they are properly developed."

More than 100 business people attended the seminar, "Global Oil Sands Development: A Washington Perspective," which featured Paul Michael Wihbey, a Washington-based geopolitical energy strategist. In November, Wihbey presented "Oil Sands: Pivotal to a New World Oil Order" to blue ribbon investors in Zurich and Geneva where he positioned Saskatchewan as a significant energy producer leading the charge on North American energy security.

"Saskatchewan has an energy diversity that no other Canadian province can match in terms of primary energy supply," Wall said. "Oil is a critical part of that diversity, but we need research and new technology to unlock the resource that we have in not only oil sands but light, medium and heavy crude as well."

Saskatchewan's initial oil in place is currently estimated at just over 39 billion barrels, with more than 30 billion barrels remaining beyond reach - for now. If technology increased recovery rates by only five per cent, Saskatchewan's remaining recoverable reserves would more than double from current levels. "That is why we committed to $4 million over four years in Petroleum Technology Research Centre funding," Wall said.

While the extent of the province's oil sands resources is still unknown, government geoscientists estimate northwestern Saskatchewan contains 27,000 square kilometres of land with some level of oil sands potential.

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For more information, contact:

Bob Ellis
Energy and Resources
Regina
Phone: 306-787-1691
Email: rellis@ir.gov.sk.ca