Officials have confirmed that Finance Minister Ross Wiseman will give an update on the province's fiscal situation later this morning.

The much-anticipated mid-year update has been delayed because of serious volatility in the price of oil, which has been in free-fall since this summer.

When the provincial government unveiled its 2014-15 budget last spring, it predicted a deficit of nearly $540 million, based on oil selling at $105 US per barrel.

With oil and gas accounting for roughly one-third of the province's revenues, and oil now trading at below $60, the projected deficit is expected to increase substantially.