Athabasca Oil Corporation
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| Public | |
| Traded as | : ATH |
| Industry | Oil & Gas |
| Founded | Canada (2006) |
| Headquarters | Calgary, Alberta, Canada |
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Key people
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Rob Broen (President & CEO) |
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Number of employees
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60 (2010) |
| Website | www |
Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta's Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca's common shares trade on the TSX under the symbol "ATH".
Athabasca is primarily focused on the exploration for, and sustainable development and production of, bitumen from oil sands in the Athabasca region of northeastern Alberta, Canada, and light oil and liquids-rich natural gas from regions in northwestern Alberta, Canada. Athabasca is organized into the following two divisions:
Light Oil Division
As at December 31, 2014, Athabasca held over 2.45 million net acres of petroleum and natural gas leases, predominately in northwestern Alberta. Athabasca produces light oil and liquids-rich natural gas from unconventional reservoirs utilizing horizontal drilling and multi-stage hydraulic fracturing technology. Initial developments have been focused in the Kaybob and Saxon/Placid areas near the town of Fox Creek, Alberta (the “Greater Kaybob area”). Athabasca has a diverse land position including over 200,000 acres of commercially prospective lands in the Greater Kaybob area at various stages of delineation and development. The primary target is the Duvernay formation, the secondary target is the Montney formation.
Thermal Oil Division
As at December 31, 2014, Athabasca held over 1.18 million net acres of oil sands leases in the Athabasca region of northeastern Alberta. Athabasca’s primary focus is Hangingstone Project 1 (100%). Other project areas include the Hangingstone Expansion (100%), Dover West carbonates (100%), Dover West sands (100%), Birch (100%) and Grosmont (50%). Development targets include oil sands in the McMurray and Wabiskaw formations as well as carbonates in the Leduc and Grosmont formations. The Company expects to produce its recoverable bitumen using in-situ recovery methods such as SAGD, CSS or other suitable experimental technologies such as TAGD. The first significant production from the Thermal Oil Division is expected in the latter part of 2015 from Hangingstone Project 1, a 12,000 bbl/d SAGD project.
The company's highly anticipatedinitial public offering (IPO) in early 2010 was the largest Canadian IPO since that of Manulife Financial in 1999, and North America's largest in 2010 (as of March 31). The sale, selling a 19% stake at C$18 per share, valued the company at around C$7,000,000,000.
The IPO's initial success was attributed in part to AOSC's 2009 asset sale to PetroChina, divesting 60% working interest in its Mackay River and Dover projects for C$1,900,000,000.
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Wikipedia