I have been looking up additional information and with the great discrepancy in cost of oil ($1.08 per litre) and the cost of gas ($0.09846 per cubic meter),this accounts for the cost difference between oil and gas heating. Just by switching fuel and using the same heating system would save me a great deal each year. The figures I got from the Cost Calculator at Natural Resources Canada concurs with yours, a one third savings.

Thanks for the info.