SOURCE: The Bedford Report

The Bedford Report

September 19, 2011 08:16 ET

Short Term Struggles Hit Oil Sands Stocks

The Bedford Report Provides Equity Research on Oilsands Quest & Suncor Energy

NEW YORK, NY--(Marketwire - Sep 19, 2011) - The potential of Canada's oil sands has led to Prime Minister Stephen Harper calling the country an "emerging energy superpower." While government support is at an all-time high, Canada's oil sands continue to face significant scrutiny from across the globe. Currently there are concerns that the EU may create fuel standards that could in turn spark similar export-damaging laws in the US. The Bedford Report examines the outlook for companies in the Oil and Gas Sector and provides stock research on Oilsands Quest, Inc. (NYSE Amex: BQI) and Suncor Energy, Inc. (NYSE: SU) (TSX: SU). Access to the full company reports can be found at:

In the US, protests continue regarding the controversial oil sands. Over two weeks at the end of August and beginning of September, more than 1,200 people were arrested in Washington, D.C., during acts of civil disobedience against the proposed Keystone XL oil pipeline. The pipeline would run some 2,100 miles from the tar sands deposits of Alberta Canada, which contain crude oil deposits larger than any in the world outside Saudi Arabia, to refineries in the Gulf of Mexico. Before it can proceed, the pipeline needs official approval from the Obama administration. President Obama's decision is expected before the year's end.

The Canadian government and Alberta's provincial government remain firmly behind the tar sands. In fact, Alberta's energy minister said Canada's oil sands producers need to build at least two more pipelines the size of the Keystone XL project if they are to meet their ambitious plans for growth.

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Production volumes from Suncor's Oil Sands business (excluding the company's proportionate production share from the Syncrude joint venture) decreased during the second quarter of 2011, averaging 243,400 barrels per day (bpd), compared with second quarter 2010 production of 295,500 bpd, due primarily to planned maintenance.

Oilsands Quest continues to face significant struggles. The company has been trying to develop oil sands in Saskatchewan and recently announced that it is facing a number of challenges that could adversely affect its future. The company said it is in negotiations to sell some of its assets and a successful sale could change the outlook.

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