I think they were trying to diversify their economy, especially after oil prices tanked in 2014 and 2020 and they do not not need to emphasize energy as they already dominate that.
Heart of the New West was not bad, but oddly actually sort of then brings to mind the old west, images of cowboys and such. This may be the opposite of what was intended, but it is also vague. Do they mean the major business centre, economic centre or cultural centre of the west? I would say they are only the first. The economic centre of Alberta is further north, they are one of several cultural centres and the west also includes BC, which has its own business, economic and cultural centres which are significant and some of which are bigger than them.
Slogans and branding are tricky and can easily slide to inoffensive and vague or meaningless, which Blue Sky sort of is.
