Athabasca Oil Corp.

Athabasca Oil Corp. reported its operating and consolidated financial results for the three months ended June 30, 2020. The second quarter was defined by unprecedented moves in commodity prices due to the COVID-19 pandemic and resulting oil demand destruction. Athabasca responded swiftly to mitigate the impact of these unexpected events. The Company entered 2020 with a strong liquidity position allowing it to withstand [...]

Athabasca Oil Corp. announces that it has completed the annual review of its credit facilities. The Company’s banking syndicate has renewed the reserve-based facility until November 30, 2020. The credit facility has been reduced to $42 million which reflects the currently outstanding letters of credit for long term transportation commitments and is secured by the Company’s cash balances. The Company continues to pursue [...]

Athabasca Oil Corp. announces that all matters presented for approval at the Annual General Meeting of Shareholders held May 7, 2020 have been fully authorized and approved. The items on the agenda included fixing the number of directors to be elected at seven, electing seven proposed director nominees and the appointment of Ernst & Young LLP as auditors. A recording of the meeting and corporate presentation will be made [...]

Athabasca Oil Corp. is pleased to report its operating and unaudited consolidated financial results for the three months ended March 31, 2020. Operations Highlights Q1 Production: ~36,550 boe/d including ~28,300 bbl/d in Thermal Oil & ~8,250 boe/d in Light Oil. Leismer: Q1 production of ~19,800 bbl/d supported by strong results at Pad 7. Placid Montney: Encouraging initial results from 10 wells that were placed on [...]

Athabasca Oil Corp. is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency. Upsized Contingent Bitumen Royalty Athabasca is pleased to announce an upsizing of the previously completed Contingent Bitumen Royalty with Burgess Energy Holdings L.L.C. for additional cash consideration of $70 million. Athabasca has now raised total cash proceeds of [...]

Athabasca Oil Corp. is taking further immediate actions in response to the significant decline in global oil prices to bolster balance sheet strength and corporate resiliency. Shut-in of Hangingstone Asset Due to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis, Athabasca has decided to suspend the Hangingstone SAGD operation. This suspension was initiated [...]

Athabasca Oil Corp. is taking swift action in response to the significant decline in global oil prices to bolster balance sheet strength and corporate resiliency, including a $30 million reduction to its 2020 capital program and proactively curtailing heavy oil production at Hangingstone. $30 million Reduction to 2020 Capital Budget and Operations Update Athabasca has immediately cancelled $30 million of capital [...]

Athabasca Oil Corp. is pleased to provide its 2019 year-end results and annual reserves. 2019 Corporate Highlights Production: Annual production of ~36,200 boe/d which included ~10,100 boe/d in Light Oil and ~26,100 bbl/d in Thermal Oil. Funds Flow, Capital Expenditures & Free Cash Flow: Annual Adjusted Funds Flow of ~$155 million and ~$140 million of capital expenditures resulting in approximately $15 million of Free [...]

Athabasca Oil Corp. demonstrated strong operational results at the end of 2019 and has approved a 2020 capital budget focused on sustaining annual production within forecasted funds flow. Year-end 2019 Operations Update Production – Annual average of ~36,200 boe/d, in line with prior guidance of 36,000 boe/d. Q4 2019 production averaged ~36,400 boe/d. Leismer Update – December production increased to ~20,100 [...]

Athabasca Oil Corp. is pleased to report its third quarter operational and financial results. Third Quarter and Operational Highlights: Adjusted Funds Flow: $43.9 million and $133.3 million for the third quarter and first nine months of 2019 respectively. Free Cash Flow: $8.6 million and $39.3 million for the third quarter and first nine months of 2019. Liquids Weighted Production: 35,257 boe/d in the third quarter of [...]