Monday, July 26, 2010

The $B's are coming back Alberta!

This should make you smile if you have invested or are thinking about investing in Alberta:

"A Chinese state company is investing big money in the Peace Country, a move that will likely provide more jobs in the oil industry north of High Prairie.

Calgary petroleum company Penn West Energy Trust signed a $1.25-billion deal with China Investment Corp. to finance operations in the Peace River oilsands area, the town said Thursday.
"It'll be doubling or tripling the (oil) production in the next little while," said Hilary Foulkes, Penn West's senior vice-president of business development.

Over the next 18 months the company will spend between $150 million and $180 million to develop its Seal Lake field operations, about 60 kilometres north of High Prairie.
It expects production to ramp up during this time, depending on factors such as licensing and government applications, Foulkes said." READ MORE

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