Billionaires' Chopper Tour Of Alberta Oil Sands Excites Canadian Stock Market

Toronto, Ontario (AHN) - The Toronto stock exchange kicked up almost 300 points Tuesday on a report that billionaires Warren Buffet and Bill Gates took at helicopter tour of Alberta's oil sands Monday.

As a result, Toronto's composite index went up 2.19 percent by 286.29 points to 13,350.14.

While all sector were in the black, stocks of Canadian energy firms surged over the news of apparent interest in the oil sands by the two cash-rich potential investors. Shares of Canadian Natural rose 7.5 percent while stocks of Suncor Energy went up 6.4 percent on Tuesday.

Buffett is the chief executive officer of Berkshire Hathaway, a holdings company. Gates is the founder of software giant Microsoft. The two flew over Canadian Natural's $9.3 billion Horizon development aboard the chopper and then took a look at the other oil sand sites in northern Alberta.

The contractor of the Horizon project, Walter Scott Jr., is a high school classmate and old-time business partner of Buffett. Scott is director and former chief executive officer of Kiewit Corporation, the engineering firm running the Horizon project.

According to Greg Stringham, executive vice president of the Canadian Association of Petroleum Producers, the two billionaires were given an informal presentation on the issues involving the Horizon oil sands project.

Buffett and Gates are friends and bridge partners, but have no major business deals between them, yet.