I'm speaking more from the perspective of the Alberta oil patch. I'm not that famiar with the American market.
The Calgary oil trusts are flush with cash and short on projects.
I interviewed the guy that put the Velvet Energy deal together. The trusts threw money at him and his stock went from 0.20 to $8.50 at which point a Texas producer took them out.
That is a serious oil play and Velvet was just a small exploration company.
I see just the opposite, for projects that is. There are more project started in Canadian Oil than people, equipment and bulk material can meet the demand. Our Calgary office is trying to hire people in nearly every discipline. There is not a shortage of projects.