Another Alberta Firm moves to BC

The Financial post is reporting another small energy firm is headed to BC from Alberta.

Canext Energy made a big oil discovery a year ago, west of Grande Prairie, near the BC border.

It has drilled several more wells in the area but, after it finishes its current work in the next few weeks, it plans to head across the border.

Canext is one of several Alberta companies currently exploring the Montney play, noting there is more infrastructure, and therefore cheaper costs in Alberta, but lower Royalty rates in BC.

Canext says BC has figured out that not all areas are the same, in terms of drilling cost, and it has six royalty programs in place and a seventh incentive program in the works.

It adds in Alberta, the firm faces a 50 percent increase, in overall royalty payments in the New Year and that, combined with the credit crisis and low prices, has knocked the sector flat.

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