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Asia Pulse: The shares of Western Oil Sands carry on heaving

Published: Feb 13, 2007

Western Oil Sands Inc. shares continued to rise on Friday amid rumors the company is about to be sold. The shares, which closed at $33.09 in Toronto, briefly touched $34.60 – within striking distance of a 52-week high of $38.09.

Also fuelling conjecture was an independent evaluation of Western’s senior partner in the Athabasca Oil Sands Project (AOSP) – Shell Canada Ltd. – as Royal Dutch continued to offer $45 a share for the portion of the company it doesn’t already own. Western, along with Shell and Chevron Canada, holds 20 per cent of AOSP, which is currently producing 150,000 barrels of synthetic crude oil per day (bpd).

Western shares gained $1.04 in Toronto on unusually heavy volume of three million units. The moves come on top of an extra $1.32 added on Thursday after the company released an updated reserve report that showed its total mineable resources climbed to 1.5 billion barrels, excluding undeveloped in-situ reserves.

“Part of this process is to evaluate all possible options,” she said, noting that the reserve report reflects the company’s growth potential including options for upgrading and refining its growing oilsands production.

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