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http://ctv2.theglobeandmail.com/serv...N/ctv-business

The Alberta government has altered its royalty rates for companies drilling new oil or gas wells after Jan. 1, a move that will cost the province as much as $1.8 billion over the next five years.

In a response to the slowdown in oil and gas drilling, companies drilling new wells will have a one-time option of choosing new transitional royalty rates instead of the new framework set to come into effect at the beginning of the year.

All companies will shift to the new royalty framework by Jan. 1, 2014.

Mr. Stelmach noted that the break only goes to companies that are drilling new wells. “Nothing is expended in this program until a drill bit hits the ground.”