The more things change, the more they stay the same.  

This could accurately describe the situation in the oil industry in southeast Saskatchewan after several deals have been reached in the past few years. The most recent deal saw Veren, formerly known as Crescent Point Energy, sell some of its assets in the region to Saturn Oil & Gas. The sale was announced in early May.  

While it could be seen by some as a company pulling out of the region, Weyburn-Big Muddy MLA Dustin Duncan noted the resources are all still here; it is just a different name doing the work.  

“I think anybody that’s been around this community, if you would have thought that Pan Canadian, or Encana, or Cenovus wouldn’t exist anymore in this community, that would have been some pretty upsetting news, but today, we have Whitecap and they do a great job,” explained Duncan.  

Saskatchewan Premier Scott Moe noted these companies that are selling their assets in Saskatchewan aren’t leaving the oil and gas industry. They are just moving their assets, whether for geological reasons or in some cases, regulatory reasons.  

“That’s why we work very hard at the provincial level to ensure that our provincial regulatory suite of regulations that we have, whether it be in the oil and gas industry, the potash industry, the ag industry, lithium industry, helium industry, whatever that might be, that we are as competitive as anywhere else in the world, and that’s our goal,” the Premier stated.  

The deal between Veren and Saturn saw the transfer of non-core properties in Saskatchewan, including Flat Lake and Battrum, from Veren to Saturn for $600 million in cash. The assets are expected to be 13,500 boe/d over the next 12 months, with a net operating income of $210 million. It was announced on May 6th.