High Prairie

Seal Lake and

High Prairie

Oil and gas discoveries on the perimeter of High Prairie and heavy oil development north and west in the "Seal Lake" area have already generated increased economic activity. The town is stimulated by this promising trend and they are enhancing infrastructure and marketing affordable land for development.

Many service and support businesses were established or expanded to accommodate this sector. The oil and gas discoveries in areas surrounding High Prairie translate into exciting opportunities for attracting oil company branch offices to town.

The town is working to entice complementary service companies and secondary industries, to locate in High Prairie with the goal of establishing a regional service centre for the Oil & Gas industry

 

Investing in the Peace Oil Sands

The China Investment Corp., one of the world's largest sovereign investment funds, agreed to pay $817 million for a 45 per cent interest in a joint venture to develop Penn West's Peace River oil sands assets along with an additional $435 million to take a five per cent equity stake in the trust itself

Under the joint venture agreement, which will be structured as a general partnership, Penn West will contribute thermal oilsands assets valued at $1.8 billion while CIC will make an initial lump sum payment of $312 million and fund $505 million of future operating expenses.