Petrobank Energy&Resources, which announced last week it was moving its May River oil sands project into the commercial development stage, saw its share value treble in 2007 to almost C$60 (US$60).
The Calgary company said it plans to file an integrated application for phase one by mid-2008, with building work beginning in early 2009 and start-up later that year.
Phase one production is estimated at 10,000 barrels to 15,000 barrels per day, followed by incremental increases to 100,000 bpd within five years.
Oilsands
