GANDER, N.L. — The prime minister will risk losing Newfoundland's support in the next federal election if the province loses out in a revised equalization formula, Premier Danny Williams warned late Saturday.

Hours after Stephen Harper met with Williams in an attempt to iron out their turbulent relationship, the premier issued a harsh ultimatum.

"This prime minister is telling me when he comes into my province, into our town, to our convention, that he hasn't made his mind up yet,'' Williams said in a keynote dinner speech at the annual Progressive Conservative convention.

"He better make his mind up, I can tell you right now,'' he continued as supporters applauded.

"Because if not, when those federal election results come in across the country and they come to Newfoundland and Labrador . . . there better be a big goose egg for the Conservatives if they haven't delivered on their promise.''

During the last federal election campaign, Harper promised Williams any changes to equalization would not take money away from the province's coffers.

But Williams has recently expressed fears that Harper may include non-renewable resource revenues in a new formula, which would see Newfoundland receive less in federal payments.

The $11-billion federal wealth-sharing equalization program provides funds to poorer provinces to ensure they can provide basic government services comparable to wealthier provinces.

Earlier in the day, Williams said Harper agreed to consider introducing legislation that would require energy companies in the future to develop offshore oilfields in a timely fashion.

But the premier acknowledged that floating such an idea could also be an attempt to build support in a province where relations with the federal Conservative government are strained.

Harper would not say whether his government is mulling a proposal on so-called fallow-field legislation for the offshore sector, but Williams said the two had a "very, very, very frank discussion'' on the subject.

"He indicated that there appeared to be an appetite for considering fallow-field (legislation) on a go-forward basis, and to be quite honest with you, that's the way it should be,'' Williams said before his dinner speech.

"For me, that was a no-brainer, but it looks like it's going to happen. . . . I guess they're hearing the argument which we feel is a very valid and a very logical argument, quite frankly.''

Williams has pushed for fallow-field legislation since Chevron Canada Ltd., the operator of the Hebron offshore oil platform, disbanded its project team in April after the province and an oil consortium could not agree on fiscal terms and benefits.

In addition to an improved royalty regime, Williams is seeking a 4.9 per cent ownership stake in Hebron.

Before their meeting, Harper reiterated his opposition to forcing oil companies with existing contracts to develop their offshore platforms within a limited time frame or risk seeing those contracts default to the Crown.

"We cannot go back and change contracts retroactively,'' Harper said. "Talk like that quite frankly damages the image of this province as a place to invest and it would damage the country as a place to invest if the federal government got into that business, so we're not going there.''

For months, Harper has rebuffed Newfoundland and Labrador's push for fallow-field legislation, saying it contradicts Canadian market principles.

The prime minister's relationship with Williams has been rocky, but even rumblings of fallow-field legislation could mend their weakened links.

The premier's massive popularity in the province is also something even Harper acknowledged he would like to capitalize on.

"I think envy would be the right word,'' Harper said at Saturday's luncheon.

"Heck, this guy gets higher approval ratings from the population than I do from my own family.''

The advantages of having Williams's support weren't lost on the premier, either.

"If Prime Minister Harper certainly wants to hitch his bandwagon there, then I have no problem with that, providing of course that he's being fair to this province,'' Williams said.

"If he doesn't deliver on his commitments to the province, then that's a whole different ballgame.''

Two opinion polls this year suggest Williams is enjoying an approval rating above 70 per cent.

Williams has stood fiercely against Ottawa in the past. In December 2004, he ordered the removal of the Canadian flag from provincial buildings during discussions for a revamped Atlantic Accord.

That sparked a national uproar, and drew renewed countrywide attention to the issue. In early January, the flags went back up, and an agreement was reached following marathon talks in Ottawa a month later.

The Atlantic Accord gives Newfoundland and Labrador full protection against equalization clawbacks on offshore royalties over the next six years.