PFC's oil-rich Cold Lake assets & Osum Oil Sands' Taiga Proj Aside CNQ, Imperial (IMO) and its $2 billion project, Cenovus (CVE), Husky (HSE) and Devon (DVN), there are also Encana (ECA), Pengrowth (PGF), Shell (RDS.A), Baytex Energy (BTE) and privately-held Osum Oil Sands that operate in the Cold Lake area.
Another proof about the potential of the Cold Lake area where PFC drills are these excerpts below. They are from Osum Oil Sands' Taiga project in the Cold Lake:
"With over 200 billion barrels of bitumen in place, the Cold Lake deposit represents an elephant oil resource by any measure. True, it’s usually been overshadowed by the Athabasca oilsands, more than six times larger in volume, that lie immediately to the north. But nearly $100 billion in Athabasca projects remain deferred or cancelled. At Cold Lake, in contrast, new projects are being launched and established producers continue to expand".
“Cold Lake is the rock-solid foundation for our company. It’s the best of the best in the Canadian in situ oil business. It’s the region where the most thermal in situ production comes from. Between 10 and 15 per cent of Canadian oil production comes from this area.”