CALVERT TO ADDRESS HOUSE OF COMMONS COMMITTEE

Saskatchewan will continue to present its case to the Federal Government for creation of a Saskatchewan Energy Accord Monday, March 21st in Regina when Premier Lorne Calvert addresses the House Of Commons Subcommittee on Fiscal Imbalance.

"In my presentation I will not only point out the fiscal imbalance between the federal government and the provinces but I will be emphasizing that Saskatchewan's request for fairness and equity under the federal equalization system needs to be addressed sooner than later," Calvert said.

The subcommittee is travelling across Canada collecting information on the issue of fiscal imbalance between provinces and the federal government.

"We appreciate the committee coming to Regina and allowing us the opportunity to make our case for creation of a Saskatchewan Energy Accord," Calvert said. "We have been pursuing changes to the equalization system for a number of years. It is crucial for our economy to have an energy accord that reflects some of the principles now reflected in the Atlantic Accord."

Saskatchewan's position is that this province is entitled to receive the same opportunity to fully retain its non-renewable resource revenues, as does Atlantic Canada.

In Saskatchewan, there are an estimated 30 billion barrels of heavy oil in the ground because they are either cost prohibitive to develop or the technology to extract the oil is not yet available. "Fair treatment of our oil resource revenues will provide us with the financial means to develop our oil and other natural resources in the coming years," Calvert said.

Saskatchewan also recommends that there needs to be a comprehensive review of both the existing equalization program and alternative ways of addressing fiscal disparities between provinces in Canada. The upcoming expert panel on equalization provides an excellent opportunity to accomplish this if its membership is prepared to challenge the status quo.

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For More Information, Contact:

Mike Woods Finance Regina Phone: (306) 787-6578