I'm with you on this. Emerging market oil demand, geo-political instability, hurricanes, etc. will drive up the price of oil in time in fits and spurts. Also, the fact that all major oil fields are in decline serves to squeeze supply on the other side of the equation. Long term higher oil prices are going to happen.
The fact that it is a Canadian company isn't so relevant from a currency play - it's the oil in the ground that is a currency hedge. Unless we get our act together it is inevitable in the long term that oil will be traded in Euro's instead of dollars. That's when our commodity hedge pays off.