CNBC Executive Producer Alex Crippen posted the following this morning on his “Warren Buffett Watch” blog:

Warren Buffett and Bill Gates flew into northeastern Alberta, Canada, yesterday (Monday) for a “quiet” visit to a multi-billion dollar project that, in effect, extracts oil from rocks.

The Calgary Herald reports on its website tonight (Tuesday) that Buffett and Gates were impressed by their tour of the Canadian Natural Resources Horizon oilsands development north of the small, but booming, city of Fort McMurray, roughly 1600 miles northwest from Omaha…

The paper also cites a source as saying the two multi-billionaires came to satisfy “their own curiosity” but also “with investment in mind.”

Last fall, an investor attending a private gathering with Buffett in Toronto reported that he expressed interest in Alberta’s oilsands, in part because it’s a known resource and thus not as risky as speculative drilling for oil.

Source:

“Warren Buffett and Bill Gates Go North to See ‘Neat’ Alberta Oilsands Firsthand”
Alex Crippen
CNBC, August 19, 2008

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