With global oil prices achieving record high of $120 per barrel to lows of $27.50 per barrel in less than eight months, markets are looking for some consistency in order for investment in the sector.

Donny Duncan, president of Millennium Land, explains.

"It has been higher and as low as twenty eight dollars a barrel in the last eight months," he said. "I think producers need to see some consistency before you will see some major investment."

With world oil prices hovering close to $50 per barrel, questions are being asked about a resurrection of the oil & gas sector in the province. With the boom and bust cycle of the industry, Saskatchewan saw record setting land auction amounts. Since the downturn, land auctions have been very quiet with conditions close to the lowest totals on record.

Duncan says the cycle js begining to emerge.

"Now we have seen a crash in the oil and gas industry or a downwards slide with commodity prices, so sales have mirrored that where minerals are not as sought after," he said. "Because commodity prices are low, now we are starting to see more of an uptake in commodity prices so mineral sales will start to come back."

He believes having the price of oil hover around the $50 per barrel mark has made investment easier.

"There has been some moderate investment in grassroots minerals. There has been some decent investment in the purchase of existing production and that being done because it is cheaper to acquire production then it is to get it through the drill bit with today's service costs.

However, those service costs are coming down dramatically so you may see an up take in drilling activity over the next five to six months."

Economist are forecasting oil prices to increase to $55 per barrel by the end of 2016 or early 2017. Duncan says this can only be good news for local companies in Swift Current.