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ARTICLE · 11 MAY 2011

Oh Canada - Significant Developments in Canadian Energy - April 2011

Dentons Canada LLP
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Suncor reported earnings of $1.028 billion for the first quarter of 2011, representing a 32% increase over the same quarter last year. Oil sands net earnings reached $605 million this quarter, up considerably from the $89 million reported in the first quarter of 2010.

CanadaEnergy and Natural Resources
Doug Black
Doug Black
Anne Calverley
Anne Calverley
Douglas Crowther
Douglas Crowther
Rich Miller
Rich Miller
Bill Gilliland
Bill Gilliland
Alex MacWilliam
Alex MacWilliam
Claude Morency
Claude Morency
Cyrus Reporter
Cyrus Reporter
Ronald Stuber
Ronald Stuber
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Oil Sands News

1. Suncor reported earnings of $1.028 billion for the first quarter of 2011, representing a 32% increase over the same quarter last year. Oil sands net earnings reached $605 million this quarter, up considerably from the $89 million reported in the first quarter of 2010. Owing to higher oil sands production volumes, higher margins for refined products in downstream refining operations and higher realized prices in upstream operations, Suncor's operating earnings nearly quadrupled in the first quarter of 2011 to $1.478 billion. Suncor's non‐Syncrude oil sands production was reported at 322,100 bpd, up nearly 60% over the same quarter last year.

1. Athabasca Oil Sands Corp filed an application with the Energy and Resources Conservation Board (ERCB) for a 12,000 bpd SAGD facility on its Hangingstone lease located in the Municipality of Wood Buffalo. The estimated peak production capacity of the first phase of the project is in excess of 70,000 bpd

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