ALBERTA FINDING, REPLACEMENT COSTS CONTINUE TO SLIP

Western Canadian oil and gas finding costs and long term replacement costs in 1990 continued a downward trend that began in the early 1980s. Alberta data compiled by Canadian Energy Research Institute (CERI), Calgary, show the trend is very evident for natural gas. Although not as pronounced, the trend also exists for crude oil. CERI defines replacement costs as exploration and development spending to effect reserves additions. CERI's report examines replacement costs from two perspectives:

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