Petromin Resources Ltd. V.PTR.H

Small company with big dreams?

[riverrow]

LOL is the following article referring to our little PTR? Is PTR the mystery numbered Alberta company? My, my, Kenny is abitious. Talk about your blue sky!!! LOL CALGARY (CP) - There's no doubt that 1122131 Alberta Inc. had a busy week, spending $465 million on mineral leases covering more than 10 townships of land in deepest and darkest northern Alberta. The burning questions: Who's behind the numbered company and why do they think the land - far removed from producing oilsands regions - is worth nearly half a billion dollars? "This is probably one of the higher risk ventures that have been done so far," says Tom Ebbern, an energy analyst with Tristone Capital in Calgary. "Both in terms of the quantity of land and the dollars committed to an area of which there's very little knowledge." The oilsands is already an area not for the faint of heart. The cost to produce a barrel of oil is many times higher than in the conventional oilpatch, and construction costs to build megaprojects have been known to end up several billion dollars more than expected. But the oilsands are also rapidly gaining global recognition as having the second-largest energy reserves behind Saudi Arabia - in a country with far less geopolitical risk than the Middle East. With oil prices remaining well above historic highs, there's already close to $100 billion worth of megaprojects awaiting construction. The oilsands are broken into three large deposits. The biggest one envelops the city of Fort McMurray in northeastern Alberta. The second is south of Fort McMurray near the town of Cold Lake, and the third is in the northwestern part of the province near Peace River. It is between the Fort McMurray and Peace River deposits that 1122131 Alberta Inc. chose to buy its 10 parcels of land this week in the bi-monthly provincial land sale. That equates to more than 900 square kilometres. Given the size of the bet, it's believed that whoever is behind the land grab is either a large player with deep pockets or a consortium of companies. "Anybody who's spending that kind of dollars is doing it with some kind of knowledge base of heavy oil," says Ebbern. "That doesn't necessarily mean Canadian heavy oil, but they're likely in the Canadian heavy oil space already."