This estimate is based on average natural gas prices of $2.95 per thousand cubic feet for natural gas and $90 U.S. per barrel of oil.
B.C. is now expected to drill 435 wells, up 13 per cent from November's prediction of 385, while 7,165 wells are expected to be drilled in Alberta, up two per cent from the last forecast. President and CEO of PSAC Mark Salkeld says continued natural gas development in northeastern B.C. led to the forecasted increase.
"While at the same time we are seeing increased activity in northern Alberta with exploratory wells around the oilsands in situ plays," he adds, "Alternatively, infrastructure bottlenecks in Manitoba, including restricted pipeline capacity, are creating back up and oversupply in the province."
It was expected 11,250 wells were drilled in Canada in 2012.