The Town of Peace River sits in the proximity of Peace River Oil Sands, Alberta's 3rd largest oil sands deposit. In May 2010, Penn West Energy Trust signed a $1.25-billion deal with China Investment Corporation to finance operations in the Peace River oil sands area in anticipation of significantly ramping up its production. As part of the deal, $817 million took 45% stake in the oil sands operations and $435 million took 5% equity stake in the trust itself. In January 2010, Shell submitted a regulatory application for an 80,000 barrel-per-day expansion.