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Athabasca Oil Sands Corp Announces 2012 Capital Budget

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Athabasca Oil Sands Corp. (ATH.TO), which fell 2% yesterday, announced its board of directors has approved a 2012 capital budget of $819 million to be invested in its 100% owned assets. The budget includes $403 million for the Oil Sands Division and $403 million for the Light Oil Division. In addition, a $203 million capital budget was approved by the board for Athabasca's joint venture assets. The majority of this joint venture spending is intended to cover Athabasca's 40% interest in the first phase of the MacKay River development and will occur if the put/call option is not exercised.

"Athabasca is moving into the development phase of its projects and is focused on advancing towards production and positive operating cash flow," said Sveinung Svarte, president and CEO. "This is the largest capital budget in Athabasca's history and we are confident we have the capacity to effectively execute our strategy. Our growing production should bring significant value to our shareholders."

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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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