Kneehill County council granted a tax installment agreement with Calgary-based junior oil and gas company Vantage Point Resources Inc at the regular Tuesday, November 9 council meeting.
Vantage Point approached Kneehill County in October 2021 requesting a payment plan to pay current tax arrears and levies for 2021 to 2023 over a period of 29 months with no late penalties.
The last several years have posed numerous challenges for the oil and gas industry and globally declining oil prices were compounded in March 2020 by the COVID-19 pandemic. Kneehill County has previously granted similar payment plans.
The 29-month agreement will be backdated to begin as of October 31; Vantage Point is expected to make payment in full by February 28, 2024.