Posted by Ron Daems, President
A new filing by billionaire George Soros' hedge fund has revealed that Soros Fund Management has increased its position in the world's leading oil sands producer, Suncor Energy, representing a value of more than $56 million according to the firms' 13F.
This announcement comes just months after well-known billionaires Warren Buffett and T. Boone Pickens disclosed their increased positions in Suncor, valued at approximately $500mm and $160mm respectively.
As we mentioned in a previous post, several of the world's top billionaires have been increasing their positions in Alberta's oil sands, specifically in Suncor. But what they might not know is that Rick George, the former CEO of Suncor Energy who built it into the largest integrated producer in Canada and then recently "retired" --- joined a private carbonate-bitumen company by the name of OSUM.
So when Soros, Buffett, and Pickens put money into Alberta's oil sands, it makes the headlines. But in our books, when the man known as "Mr. Oil Sands" leaves the biggest integrated oil company in the country and joins a "tiny" carbonate player, it's even bigger news.
Strata Oil is one of the leading developers of bitumen in the Carbonate Triangle, and has a recoverable resource of 887 million barrels of crude, and a total resource of 3.4 billion barrels. Strata's plan is to produce from it with a proven technology known as cyclic steam. And if you're a high-net worth investor, and you haven't already done so, we encourage you to view: http://www.strataoil.com/include_me.php