Business
Athabasca Accelerates Development at Hangingstone and Dover West
Athabasca Accelerates Development at Hangingstone and Dover West
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n Nov. 29, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Nov. 29 /CNW/ - Athabasca Oil Sands Corp. (TSX:  ATH) announces\n it has approved the accelerated development of its Hangingstone and\n Dover West bitumen properties, located in northern Alberta.\n\n\nHangingstone Multi-Phase Development\n\n\nThe first phase of the Hangingstone development is anticipated to be\n commissioned as a 12,000 barrels/day steam assisted gravity drainage\n (SAGD) demonstration project.  First steam could be as early as late\n 2013.  Athabasca expects to file its regulatory application for this\n first phase in the second half of 2011.  It is the initial segment of a\n multi-phase development plan in the Hangingstone area.  The second\n phase development is estimated at 25,000 barrels/day, with start-up\n possibly as early as 2016.\n\n\nAccording to Sveinung Svarte, Athabasca's president and CEO, the\n November 9, 2010 acquisition of Excelsior Energy Limited resulted in a\n project area with sufficient resources to obtain critical size and\n economy of scale. \n\n\n"The currently identified contingent resource base supports the\n development of a project of more than 70,000 barrels a day," Svarte\n says. "In addition, the company has also entered into an agreement with\n Bounty Developments Ltd. to acquire the remaining 25% interest in the\n Hangingstone acreage acquired through the purchase of Excelsior."\n\n\nDover West Developm...