Athabasca Oil Corp. is pleased to report its 2021 second quarter results that demonstrate the quality of its asset base. Athabasca is advancing the refinancing of its debt that will allow shareholders to capture unparalleled cashflow generation potential from its long reserve life, oil weighted asset base. Q2 Highlights Production: ~34,650 boe/d including ~26,450 bbl/d in Thermal Oil and ~8,200 boe/d in Light Oil. Record [...]
Athabasca Oil Corp. is pleased to announce that it has executed an amending Hangingstone Transportation and Storage Services Agreement that resulted in a $44 million prepayment from restricted cash and a ~$5 million reduction to annual tolls. The amended TSSA reduces Hangingstone's dilbit financial assurances by ~$44 million to ~$27 million. The reduction in financial assurances unlocked restricted cash on the Company's [...]
Athabasca Oil Corp. announces that all matters presented for approval at the Annual General and Special Meeting of Shareholders held May 5, 2021 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, appointment of Ernst & Young LLP as auditors, approval of the amendment and reconfirmation of the Company's [...]
Athabasca Oil Corp. is pleased to report its 2021 first quarter results that demonstrate the resilience and quality of its asset base. The Company is also pleased to provide an update on initiatives to further improve its positioning in a post COVID recovery. Athabasca plans to refinance its debt in the coming months that will allow shareholders to capture the unparalleled cashflow generation potential from its long [...]
Athabasca Oil Corp. reports its 2020 year-end results and annual reserves. In a year of unprecedented challenges, Athabasca demonstrated the exceptional resilience of its low-decline assets. In 2021, Athabasca is focused on resuming its pre-COVID business plan of free cash flow generation, disciplined operations and preserving long term future projects across its portfolio. Armed with an unrestricted cash balance of $165 [...]
Athabasca Oil Corp. announces its 2021 budget that is focused on maintaining base production and maximizing funds flow. The Company also is pleased to announce that it has renewed its syndicated bank facility and has received an increase to its unsecured letter of credit facility backstopped by Export Development Canada. 2021 Budget Low Sustaining Capital. Athabasca is planning expenditures of $75 million focused on [...]
Athabasca Oil Corp. reported its operating and consolidated financial results for the three months ending September 30, 2020. The third quarter demonstrated the significance of Athabasca’s swift response to the COVID-19 pandemic. The Company has focused on maximizing corporate funds flow and maintaining corporate liquidity. Its Leismer asset underpinned a low corporate decline rate with significant cash flow generation [...]
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 [...]
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