Government of British Columbia

Government of British Columbia

March 03, 2009 14:00 ET

Government of British Columbia: Net Profit Royalty Program to Stimulate Development

VICTORIA, BRITISH COLUMBIA--(Marketwire - March 3, 2009) -

NEWS RELEASE

For Immediate Release

2009EMPR0008-000270

March 3, 2009

Ministry of Energy, Mines and Petroleum Resources

NET PROFIT ROYALTY PROGRAM TO STIMULATE DEVELOPMENT

VICTORIA - Five companies have submitted four proposals for projects that may be eligible for the Net Profit Royalty program under a request for application (RFA), announced Energy, Mines and Petroleum Resources Minister Blair Lekstrom.

"The Net Profit Royalty program is designed to stimulate the development of complex natural gas and oil resources," said Lekstrom. "By sharing the risk of these capital projects and the long lead times associated with the development of these resources, we can meet our goals of job creation and the stimulation of the economy in rural British Columbia."

The initial RFA was issued on Jan. 7, 2009 and invited industry to submit projects that may be eligible for this program. This round was restricted to shale gas projects in the Horn River Basin and enhanced oil/gas recovery projects.

This program is governed under the Net Profit Royalty Regulation, which came into effect in May 2008 and is distinct from existing targeted royalty programs. It is designed to promote the development of remote resources that do not have existing infrastructure or those that are technically complex to access or develop.

For more information on government services or to subscribe to the Province's news feeds using RSS, visit the Province's website at www.gov.bc.ca.

Contact Information

  • Ministry of Energy, Mines and Petroleum Resources
    Jake Jacobs
    Public Affairs Officer
    (250) 952-0628 or Cell: (250) 213-6934
    Website: www.gov.bc.ca