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The premiers of Canada's have-not Atlantic provinces say the entire region will benefit from the dramatic reversal of fortune in Newfoundland and Labrador.

The four Atlantic premiers met for the first time on Friday since Newfoundland announced it is on the verge of a new era of economic independence thanks largely to its booming offshore oil industry.

The premiers of the three Maritime provinces said they feel no rancour or envy towards Newfoundland, but are instead buoyed by its example and what its "have" status will mean to the region.

"There's nothing better than to see one of our sister provinces doing well," Nova Scotia Premier Rodney MacDonald said at a news conference following the Council of Atlantic Premiers meeting.

"It helps as far as our image is concerned as Atlantic Canadians and it helps in our branding as Atlantic Canadians. There are times we need to stand up for each other and this is one of those times. We need to stand up and shout from the rooftops that one of our sister provinces is doing well and that's a good thing."

Premier Shawn Graham of New Brunswick echoed MacDonald's belief that all of the provinces will reap benefits from Newfoundland's good fortune.

"The stereotypes that existed about Atlantic Canada are evaporating," Graham said.

"The success of one province will have benefits for the entire region."

Newfoundland Premier Danny Williams said he will fight to make sure that his province's imminent departure from the equalization regime does not hurt the other Atlantic provinces.

"We'll be there shoulder to shoulder with the Maritime provinces to make sure that if there is any revamping of the equalization formula, it's not done on the back of Atlantic Canada," Williams said.

While Newfoundland's recent budget predicts the province will come off equalization next year, there are warnings Ontario may have to depend on the federal program in two years.

The Ontario government has blamed the province's economic slide on the federal government's change in the equalization formula.