"Isn't there enough locked in oilsands crude already in North America?"
These are not oilsands. This is heavy oil. See Baytex and its large production from similar lands, approx. 10 km to the south. At 71% ownership, POE has approx.150 mil barrels recoverable contingent resources (after the increase of ownership to 71%). The thermal injection SAGD project is intended to change the designation from"contingent" to actual resource. Production is expected by Q4 2013. If successfull, this could be huge for POE. Currently the market gives this property zero value. It is a low cost/potentially very high reward investment. They could then divest it to the existing shareholders by means of a special dividend or sell it for a multiple of what they have invested.
If my memory is correct, this property was where POE originated.