News Releases

TORONTO, November 29, 2005 –Alberta’s oil sands are going to be the focal point of the largest scale competition for energy resources that we have ever seen, according to Donald Coxe, Global Portfolio Strategist, BMO Financial Group and Chairman, Harris Investment Management Inc. Mr. Coxe made the comment during a lunchtime speech to the Economic Club of Toronto today.

Mr. Coxe noted that Alberta’s oil sands are gaining importance because of the continuing need for oil production, especially because of increasing demand in China and India. Speaking beside a smart Car, seen by many as the economical car of the future, he said, "Even if the Chinese all have cars like this, we’re still going to need massive new oil production."

Mr. Coxe further stated that recent increases in oil production in Saudi Arabia and Kuwait generated heavy oil instead of easy-to-refine light oil. "We’ve used up the cheap light oil in the world," he said.

Mr. Coxe said that the twelve biggest oil companies, with Reserve Life Indexes that have fallen for seven straight years, have only one quick fix: being permitted to use oil sands as part of their reserves. He noted that current Securities and Exchange Commission rules that do not allow oil companies to book oil sands as reserves are now up for review; he feels there is a very strong chance the rules will be changed in June 2006.

Such a rule change would make Alberta’s oil sands very attractive for investment by major oil companies, who currently have a significant amount of capital to spend but nowhere to invest it. As a result, "Canada’s going to face a new kind of importance in the world."

Mr. Coxe, Global Portfolio Strategist for BMO Financial Group in Canada and for Harris in the US, publishes a monthly institutional portfolio strategy journal, ‘Basic Points’, which is distributed in North America and Europe. His weekly institutional strategy conference call is followed by 15,000 investors.

He maintains a highly visible presence in major business communities through his speaking engagements, writing, conference calls, and regular appearances in North American print and broadcast media. He is a columnist for Maclean's magazine, Canada’s foremost current affairs journal, and author of ‘The New Reality of Wall Street’, published in May 2003 by McGraw-Hill.

-30-