Paul Davis says the fluctuating price of Brent crude makes it tough to offer a clear fiscal picture.
What appears certain is that an already forecast $538-million deficit this year will grow.
The province anchored its budget last spring on an average oil price of US$105 per barrel but it's now trading for almost $40 less.
Finance Minister Ross Wiseman has said it costs the treasury about $30 million for each dollar the average price falls short of projections.
Last month, Davis announced a freeze on discretionary spending and all but the most critical new government hiring.