Note: The Saskatchewan Oil and Gas Show in Weyburn recognizes inductees into the Saskatchewan Oil and Gas Hall of Fame at every edition of the biennial showcase. Members are recognized for their contributions to the energy sector in the province. This year's show is June 3 and 4 in Weyburn.
WEYBURN — Randall Smith, president of Carlyle-based Spectrum Resource Group, was named Southeast Saskatchewan Oilman of the Year in 2017.
Now in 2026, he is being inducted into the Saskatchewan Oil and Gas Hall of Fame.
Smith was born in 1965 and raised in Oxbow. He has called southeast Saskatchewan home for most of his life. Smith attended school in Calgary twice, first graduating from business admin and later petroleum land management with honours from Mount Royal College in 1993.
His first oil industry job was with Dome Petroleum in 1984. Then he worked with Nowsco Well Service in Medicine Hat, Alta. Smith moved back to Saskatchewan in 1988 to work for Encor Energy as an operator.
After graduating petroleum land management, Smith took a job with Williston Wildcatters in Arcola, starting on the rig as a well site geologist and finally moving into the land department.
In 1995, Smith and partner Nick Lazic, whom he had met in geology class and then worked with at Wildcatters, started Spectrum Resource Group Inc. They have worked since to build Spectrum to what it is today. Smith and Lazic have had a great partnership for over 30 years and have continually moved forward in business.
They both love the challenges, especially finding new reserves in southeast Saskatchewan. Spectrum has drilled over 360 wells, all in southeast Saskatchewan, discovering a number of pools, selling some pools to major-size companies and developing some.
The company currently has 12 employees and is assisted by a group of dedicated professional consultants and contractors in its operations. Smith is especially proud of this excellent team that executes on a daily basis, some of whom have been with the company for more than 20 years. Spectrum is a great place to work and provides fulfilling growth opportunities for its people.
Smith enjoys the aspect of providing support for the many community groups in southeast Saskatchewan, helping many projects and recreation facilities that make Saskatchewan life great, especially for young people.
Spectrum’s model has been significantly different than many of the other junior oil producers who have come and gone over the years. The others would typically start up, build up production, sell the whole company to a larger public firm and start again.
Spectrum’s model has been based on longevity. It’s been the junior producer with staying power. They would build up production, then sell about half of the assets, such as a particular pool, and then continue to build. They never sold the whole company and started over.
Over the years Spectrum did many deals when the timing was right, selling production larger public companies as feeder plays for their development. Deals were achieved with Crescent Point, Torc and Whitecap, for example.
“This model allowed Spectrum to maintain exposure to the upside of the finds while allowing continued focus for itself on the exploration aspect,” Smith explained.
Spectrum has operated successfully in southeast Saskatchewan for more than 30 years and is very proud to be from Saskatchewan. The plan is to continue discovering and developing resources for the foreseeable future and to continue to work with mineral owners, land owners and all stake holders for best outcomes.
