SOURCE: The Bedford Report

The Bedford Report

August 12, 2011 08:16 ET

Vote of Confidence From Canadian Government Assures Oilsands' Long-Term Viability

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

NEW YORK, NY--(Marketwire - Aug 12, 2011) - Companies with operations in Canada's lucrative oil-sands sector have been hammered in recent weeks as plummeting oil prices caused concern that producers will struggle to break even due to the high up-front costs for development. On the upside, the Canadian government's heavy promotion of the oil-sands sector is helping to clean up the industry's image. 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:

www.bedfordreport.com/BQI

www.bedfordreport.com/SU

According to the Canadian Association of Petroleum Producers the Canadian oil-sands industry produces 1.6 million barrels a day and is set to add nearly another million barrels a day by the end of this decade. There is concern that a significant drop in oil prices could slow down the sector's growth. A recent report from The Wall Street Journal references Bob Dunbar, president of the Calgary consulting firm Strategy West Inc., arguing that new oil-sands mining projects require long-term WTI prices between $90 to $100 a barrel, due in part to labor and material cost inflation.

The staggering rise in Canada's dollar has further put pressure on the oil-sands sector, as a higher Canadian dollar lowers profits for US-denominated oil exports.

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For years, the Canadian government has dismissed efforts by politicians and environmentalists in other countries to characterize oil-sands production as "dirty oil." A report from the UK Guardian claims that the Canadian government is concerned that proposed European legislation would penalize imports of oil derived from its tar sands and so restrict access to the European market for Canadian oil.

Federal environment minister Peter Kent said earlier this year that the Canadian government will not subject the industry to greenhouse gas regulations for at least several years. "Our focus for the next several years is going to continue to be on maintaining the economic recovery and we will do nothing in the short term which would unnecessarily compromise or threaten to compromise that recovery," Kent said.

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