[1] It was the first state-owned oil and gas company in North America, founded by Saskatchewan New Democratic Party Premier Allan Blakeney.
[2] It was responsible for oil and natural gas exploration, extraction, and marketing in the province of Saskatchewan.
[3] In 1986, Premier Grant Devine from Progressive Conservative Party of Saskatchewan privatized it by selling the majority of the company to the public.
In 1987, the last remaining government interest in the corporation was sold to Canadian Occidental Petroleum.
[5] However, Canadian Occidental (later known as Nexen and now CNOOC International) countered this as a white knight and responded with a higher bid, which was supported by Wascana Energy's board of directors.