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“I think the worst case that we can anticipate is that the government comes up with a new scheme that is half baked, as a result it doesn’t work, and activity will dry up in the short term, and they will have to patch it up together again to what is something pretty close to what we have today,” he said.

Jason Skehar, president and CEO of Bonavista Energy Corp., said the difference this time is that “we have a case history of what not to do” and that there is more than royalties on the table.

We anticipate that the royalties will remain similar to where they are today

The province has already increased corporate and carbon taxes, increased the minimum wage and is working on tougher environmental regulations.

The rapid introduction of policy changes contributed to a big drop in support for the NDP in an opinion poll last week.

But Notley was all business in a private speech to foreign investors attending the Stampede Investment Forum Tuesday, where she endorsed the oilsands and called them “our international showpiece.”

“It’s a tremendous asset which has transformed Alberta into one of the world’s leading oil producers,” she said. “And I am here today to emphasize that the province has a government determined to defend this advantage, by being constructive at home, and by building relationships around the world.”

Notley said she is aware of the uncertainty that came with her election.

“Expanding existing oilsands projects, establishing new ones and pioneering advanced technologies — all this requires spending on a large scale. Under our leadership, Alberta’s abundant oil and gas reserves will remain wide open to investment,” she said.

It’s not what environmentalists want to hear, but it’s a good indication Notley is learning quickly Alberta needs its oil.