There are serious restrictions on getting to the oil from the Alberta fields. It is both energy intensive and a huge source of Co2 (single largest source in Canada last year). The extraction process isn't like an oil well (drill a hole and pump) but rather a fairly complex system that best runs with natural gas.
http://en.wikipedia.org/wiki/Oil_Sands
Let's just say "yeah, there is oil, but you might not be able to afford it". is the best way to describe the deal.