Athabasca Closes Sale of its 40% Interest in the MacKay River Oil Sands Project
March 15 2012 - 2:30PM
PR Newswire (Canada)
CALGARY, March 15, 2012 /CNW/ - Athabasca Oil Sands Corp. has
closed the previously announced sale of its 40% interest in the
MacKay River oil sands project to Cretaceous Oilsands Holdings
Limited, a wholly owned subsidiary of PetroChina International
Investment Limited, for cash consideration of $680 million (Cdn.),
net $200 million (Cdn.) after closing adjustments and Athabasca's
repayment of two loans provided by Cretaceous. As a result of the
sale of its MacKay River interest, Athabasca has retired all
outstanding debt. Athabasca retains a 40% interest in the Dover
commercial oil sands project. The Dover development work is being
carried out by Dover Operating Corp., a company jointly owned by
Athabasca (40%) and Cretaceous Oil Sands Holdings Limited (60%). An
application for a 50,000 bbl/d oil sands project on Dover was
submitted in December, 2010. Athabasca is a dynamic, Canadian
company focused on development of oil resource plays in Alberta,
Canada. It has accumulated a large, high quality resource base
suitable for extraction of extra heavy crude oil (bitumen) and
light oil. The company is well financed and, with its excellent
assets and talented people, Athabasca is poised to become a major
Canadian oil producer. It is traded on the TSX under the symbol
ATH. Athabasca Oil Sands Corp CONTACT: MediaHeather DouglasVice
President, Communications & External Affairs(403)
532-7408hdouglas@aosc.comFinancial Community Andre De
LeebeeckDirector, Partner & Investor Relations(403)
817-8048adeleebeeck@aosc.comTracy RobinsonManager, Investor
Relations(403) 532-7446trobinson@aosc.com
Copyright
Athabasca Oil (TSX:ATH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Athabasca Oil (TSX:ATH)
Historical Stock Chart
From Jul 2023 to Jul 2024