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October 10, 2006 ALL-TIME RECORD SET IN MANITOBA'S OIL FIELDS
Manitoba's burgeoning oil industry has drilled more wells this year than at any time in the province's history, toppling a record that has stood for more than 50 years, Science, Technology, Energy and Mines Minister Jim Rondeau announced today. Tundra Oil and Gas drilled the 355th Manitoba well last month, surpassing the 1955 record when 354 wells were drilled during the development of the Virden oil field. "ln 2005 we broke all-time records for oil revenue and the number of wells licensed," said Rondeau. "We're already setting new records for 2006." Rondeau said with seven drilling rigs operating in the province, this year's record could grow to 475 wells. Manitoba's oil industry will invest an estimated $400 million in the province this year. Last year, the oil industry spent $243 million in Manitoba, a two-fold increase over 2004. Oil production is expected to average 21,000 barrels per day this year, a 50 per cent increase over 2005. This will break the previous production record established in 1968. Much of the activity is in Sinclair, Daly, Waskada, Goodlands, Deloraine, Pierson and Whitewater. The province conducts public offerings of Crown oil and gas rights four times a year. Bidders apply under sealed tender to win the exclusive right to explore for and produce oil and gas from the lease area. More information about Manitoba's offering of Crown oil and gas rights and a complete summary of 2005 activity is available at http://www.gov.mb.ca/iedm/petroleum. |
