Oil has been trading below $90 a barrel, about $10 less than Alberta's 2012 budget estimate.
Every dollar a barrel below the budget assumption costs the province $223 million in lost revenue, over one year.
But Horner says it's still too early to change the province's revenue projections.
He says the fundamentals of oil and commodities is still very strong and the "ups and downs in the market place" are to be expected.
He won't say if he expects to adjust Alberta's key budget assumptions, including the price of oil, in his first quarter fiscal update, expected early this summer.