Interview Opportunity - Increasing operational efficiency will be a key to success for players in Alberta's oil and gas business: Ernst & Young

    CALGARY, Oct. 30 /CNW/ -

    What:  On October 25, 2007, Alberta announced the framework for a new oil
           and gas royalty regime.

           On balance, the overall royalties that most oil and gas producers
           will pay appear to be going up; a projected increase of
           approximately $1.4 billion in 2010. Despite record high oil
           prices, natural gas prices are too low to generate reasonable
           returns for many projects- and oil and gas producers will take a
           cautious approach to the winter drilling period. The royalty
           review process has created significant uncertainty- in the midst
           of budget time for most industry participants.

    How:   Oil and gas executives will be challenged to maintain
           profitability with higher royalties. A disciplined focus on
           achieving operational excellence in both capital and operating
           programs will be the most effective strategy to enhance and
           maintain financial performance.

    Who:   Improving financial performance in a rapidly changing business
           environment can be a daunting task. Ernst & Young's Calgary
           Managing Partner Barry Munro can speak more about the implications
           of the new Royalty regime and the steps companies operating in the
           Oil and Gas Industry in Alberta must take to remain profitable and
           to continue to be an attractive investment opportunity globally.

    Ernst & Young, a global leader in professional services, is committed to
restoring the public's trust in professional services firms and in the quality
of financial reporting. Its 114,000 people in 140 countries pursue the highest
levels of integrity, quality and professionalism in providing a range of
sophisticated services centred on our core competencies of auditing,
accounting, tax and transactions. Further information about Ernst & Young and
its approach to a variety of business issues can be found at Ernst & Young refers to the global organization of member
firms of Ernst & Young Global Limited, each of which is a separate legal
entity. Ernst & Young Global Limited does not provide services to clients.

For further information:

For further information: or to speak to an Ernst & Young spokesperson,
please contact: Megan Bailey, (403) 206-5037,; Kelly
Peace, (416) 943-3662,; Amanda Olliver, (514) 874-4308,

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