Business Career
In 1982, he was appointed C.E.O of East Coast Energy Limited. This company, which aimed to develop offshore oil and gas resources in Atlantic Canada, was highly speculative, and wound up being significantly undercapitalized. Offshore petroleum development is much more expensive than land-based petroleum development, with exploration, well-drilling, and extraction costs being in the hundreds of millions of dollars, restricting entry to the major industry players. East Coast Energy, a new company with little specialized expertise, foundered in 1983 (On The Take: Crime, Corruption, and Greed in the Mulroney Years, by Stevie Cameron, 1994), and most of its investors, including Walter Wolf, Brian Mulroney, and others, lost everything, as no petroleum was ever produced by the company.
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