Interest in oil and gas prospects in western Newfoundland is increasing with as many as 12 companies actively engaged in onshore and offshore exploration in the region and more than $20 million in expenditures on exploration and development activities in the last three years.

"In the last 12 months we have seen significant exploration and development activity at prospects throughout the western region by companies such as Shoal Point Energy, Vulcan Minerals, PDI Production Inc., Deer Lake Oil and Gas and NWest Energy," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "Each of these developments creates valuable economic activities for businesses and people on the west coast and it is our intention as a government to continue promoting this part of the province as an excellent place to invest."

The 3rd annual International Symposium on Oil and Gas Resources in Western Newfoundland is being held at the Marble Mountain Resort in Steady Brook this weekend, September 13-15. Minister Dunderdale will give the luncheon address at the conference on Sunday.

In an effort to advance oil and gas exploration on the west coast, Budget 2008 contained $7 million to better understand the province�s petroleum resources through acquisition of new geoscience data, reprocessing existing data with modern analytical tools and through other geoscience-related programs and activities.

Through the two-year, $5-million Petroleum Exploration Enhancement Program (PEEP), announced at the symposium last year for the onshore, the Provincial Government, through the province�s energy corporation, plans to acquire aeromagnetic data covering approximately 7,000 square kilometres in multiple areas. This will advance the province�s geoscience knowledge of the mines and oil and gas sectors.

"Increased interest and a record number of investments on the west coast this past year have industry buzzing about the next oil and gas boom in the province," said Minister Dunderdale. "The Provincial Government�s continued commitment to exploration in this region has seen a significant increase in development activity. We are pleased to see the national interest our oil and gas resources are attracting in the west coast."

This year alone, the west coast has attracted drilling programs with new participants, planned speculative and exclusive seismic acquisition programs and a new call for bids that includes two parcels in the Port au Port-St. George�s Bay area and three parcels in the Sydney Basin area. These are scheduled to close November 28, 2008. The full details of the 2008 Calls for Bids are available online at www.cnlopb.nl.ca.

The region also has over $3.2 million in work commitments for offshore exploration.

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Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca