The canadianpress.com, operated and reported by Google.com has reported that the Canadian Natural Resources Ltd. (TSX:CNQ) plans to drill as much as 50 per cent fewer natural gas wells next year because of Alberta's planned royalty increases, which were announced last week and go into effect in early 2009.
"The new royalty program will have a negative impact on our development plans in 2008 and onward, the extent of which we are still attempting to fully define. As a result we will continue to adjust our activity to ensure that we are optimizing our plan," CNQ chairman Allan Markin said in a conference call Thursday.
"One of our greatest strengths is our flexibility and, in the light of the pending changes to the royalties, this flexibility and breadth of options has become even more important to maintain our focus on maximizing returns to our shareholders."
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