Canada grain family betting on oil rebound
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Winnipeg
A DECADE after expanding its grain business during a slump in prices, the Richardson family of Winnipeg, one of the richest in Canada, is making a similar bet on oil.
With crude futures collapsing to the lowest in five years, the Richardson's Tundra Oil & Gas unit last month agreed to buy 550 wells in Manitoba, part of a US$410 million divestiture of Canadian assets by EOG Resources Inc. Tundra's biggest purchase ever will boost its output this year by one-third to 32,000 barrels a day, and chief executive officer Ken Neufeld says he remains on the lookout for more deals.
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