"I was very pleased to hear that the Prime Minister is still looking at changing the Atlantic Accord to see us become the principal beneficiary of our offshore resources," said Mr. Grimes. "However, in my discussions with federal officials in January, I was assured that the transfer of the Hibernia shares was something that the federal government was committed to doing. I am now told that Minister Efford is in the province and willing to discuss this option with the premier and a decision will be made before the next federal election.

"Enforcing the spirit of the Atlantic Accord will be a great help in boosting economic revenues to provincial coffers. This is an indication of the solutions that the Prime Minister has indicated he is willing to undertake. This will ensure that the province keeps hundreds of millions of dollars in extra revenues each year and receives the true economic benefits from our offshore resources. I encourage the premier to take advantage of this opportunity and ensure that a solid proposal is put forward related to the transfer of the Hibernia shares.

"I am hopeful that the premier will have productive conversations with Minister Efford later this week, and I encourage both gentlemen to reach a solution that will ensure that this province is truly the principal beneficiary of our offshore resources. I will continue to lobby the federal government to ensure that they make these significant changes in a timely fashion."