North American Energy Partners Soars 23% on Deal to Resume Horizon Overburden Work
North American Energy Partners Inc. (NOA.TO) is now up nearly 23% after annoucing plans last night to again remove surface materials at Canadian Natural Resources' (CNQ.TO) Horizon bitumen mine in northern Alberta, starting as soon as Jan. 2, 2012.
Canadian Natural Resources resumed work at Horizon in August following a fire early this year that temporarily shut down operations. The companies still are working to finalize a contract for the so-called overburden removal by the end of February although the preliminary pact allows North American Energy to start earning "profitable revenues" during those negotiations.
CNQ shares were higher Friday morning at $37.82 each, up 3 cents.
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