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Alberta Energy Regulator Approves Dover Commercial Project
CALGARY , Aug. 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) has been informed ...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\nCALGARY, Aug. 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) has been informed that the Alberta\n Energy Regulator (formerly ERCB) panel has approved the Dover\n Commercial Project subject to approval by the Lieutenant Governor in\n Council. The approval will be sent to the Alberta government cabinet\n for their consideration. The Dover Commercial Project is operated by\n Brion Energy Corporation, an operating company jointly owned by\n Athabasca and a wholly owned subsidiary of PetroChina.\n\n\nThe in situ Dover Project has the potential to lead to the development\n and production of approximately 4.1 billion barrels of bitumen\n (management estimate). Within Alberta, the Dover Project is expected to\n generate over 30,000 person-years of employment during construction and\n over 9,000 positions during its operating life. At full production\n capacity, the Project is expected to create an estimated $5.3 billion\n of economic activity per year, including over $1.5 billion of annual\n tax and royalty revenues for local, provincial and federal authorities.\n Next steps and a detailed timeline for the project are now being\n developed.\n\n\nThe approval included conditions and recommendations typical of oil\n sands in situ projects and consistent with the terms and commitments\n contained in the application for approval.\n\n\nAthabasca is very appreciative of the substantial efforts of all\n contributors to this positive outcome - the regulators, the\n stakeholders and the employees.\n\n\nAbout Athabasca Oil Corporation\n\n\nAthabasca Oil Corporation is a dynamic, Canadian energy company with a\n diverse portfolio of thermal and light oil assets. Situated in\n Alberta's Western Canadian Sedimentary Basin, the Company has amassed a\n significant land base of extensive, high quality resources. With 10.6\n billion barrels of bitumen resources (contingent resources, best\n estimate) and growing light oil production, Athabasca aspires to become\n a major oil producer. Athabasca's common shares trade on the TSX under\n the symbol 'ATH'.\n\n\nReader Advisory:\n\n\nThis News Release contains forward-looking information that involves\n various risks, uncertainties and other factors. All information other\n than statements of historical fact is forward-looking information. The\n use of any of the words \"anticipate,\" \"plan,\" \...