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Athabasca Oil Corporation Sanctions Hangingstone SAGD Project, Updates on Light Oil Activity and Announces Exec Appointments

Athabasca Oil Corporation (ATH.TO) announced the sanction of its Hangingstone 1 SAGD Project and reaffirmed that its Light Oil Division is on track to meet its year-end production target of 10,000 to 11,000 barrels of oil equivalent (boed). In response to achieving these significant corporate milestones, the board of directors announces executive appointments, effective immediately, to bolster the company's transformation to an exploration and production company.

Current highlights include:

The Board of Directors has sanctioned the $536 million development budget for the 12,000 barrels per day Hangingstone Project 1, comprised of a central processing facility and twenty SAGD well pairs on four well pads. The Board of Directors has also sanctioned $27 million for the construction of supporting infrastructure.

An evolution in hydraulic fracturing methodology has yielded enhanced results in the company's third Duvernay well at Kaybob West.

Commissioning of the company's Kaybob East and Saxon facilities is scheduled for a mid-December start-up, enabling achievement of the 2012 exit rate guidance.

The Board of Directors approves executive appointments.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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