From the sounds of it, it will be back next year. The regina beach paper had a write up on it (here are the highlights from memory, as it went into the woodstove)
--I guess alot of people were pretty unhappy about the format this year
- The economic instability--people are less willing to spend the money
--lack of interest with younger fishermen
but, on a positive, the organizers said they hope to have it back up and goin next year, but would go back to the pre drilled format, but allowing portable 2 man shelters, wind breaks, etc.
Its a shame it got cancelled, it was one of the things I was really excited for when i moved here.