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Where Notley clearly aimed to send a message on the energy file was around climate change, stating Alberta needs to take a leadership role on the environment and climate change.

While this is important — and could, if done right — be a critical component to gaining access to new markets, what that looks like and how it will impact the energy sector, particularly the oilsands producers, remains a huge concern.

That’s on top of two key variables the oilpatch is also grappling with — low oil prices and the spectre of a royalty review. Both are preventing companies from committing to long-term plans and instead leading them to take things one month at a time.

That’s called maintenance, and it does nothing to spur economic growth.

Energy players can’t control where commodity prices trade. They can control their costs and they can hope to influence government policy, whether in the context of the environment or royalties.

And here is where everyone starts to get animated.

The uncertainty surrounding royalties means companies with the balance sheets and resources to make acquisitions are having trouble coming up with what a real valuation looks like. To determine what the price should be — and what the deal can add in both the short and long term regarding revenues and cash flow, it’s very important to know what the royalty rate is.

Were the government to say — and soon — that whatever the government committee or panel recommends, it won’t be retroactive, there might be some activity. Otherwise, those with resources will sit on their hands while companies that might be running tight to the line twist in the wind, waiting for the government to act.