W. Canada E&D stats show low oil price effects

The effects of low oil prices on Western Canada's upstream oil industry continues to show up in sagging yearend statistics for activity in 1998. Sales of drilling rights in Alberta, British Columbia, and Saskatchewan totaled about $748 million (Canadian) in 1998 compared with $1.302 billion in 1997. Crown land sales in Alberta totaled $596.9 million compared with $1.151 billion in 1997. The decline in land sales is expected to continue this year, unless there is a significant improvement in oil prices. The Canadian Association of Petroleum Landmen (CAPL) estimates that land sales in Western Canada will fall a further 20% in 1999, and the price per acre will drop 10...

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