Business
Athabasca Balances Long-Term Oil Sands Growth with a Strong Position in Alberta Light Oil Plays
CALGARY, March 15, 2012 /CNW/ - Athabasca Oil Sands Corp. (TSX:  ATH) today reported 2...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 15, 2012 /CNW/ - Athabasca Oil Sands Corp. (TSX:  ATH)\n today reported 2011 year-end operational results.\n\n\nHighlights include:\n\n\nAthabasca remains well funded with working capital of $1.4 billion at\n December 31, 2011, sufficient to fund its 2012 capital budget of $819\n million for 100% owned assets including $403 million for the Oil Sands\n division and $403 million for the Light Oil division. Net income for\n 2011 was $147 million.\n\n\nAthabasca progressed its oil sands development program with the filing\n of two applications for 12,000 barrel per day (bbl/d) steam assisted\n gravity drainage (SAGD) projects on each of the Hangingstone and Dover\n West sands assets. Application approval, project planning and\n engineering are on-schedule.\n\n\nThe MacKay River 35,000 bbl/d SAGD project regulatory approval was\n received 24 months after submission. Athabasca exercised its put option\n yielding gross proceeds of $680 million. Closing expected in Q1 2012.\n\n\nYear-end independent reserves and resource evaluation reporting an 11%\n year-over-year increase in contingent resource (best estimate) to 9.8\n billion barrels of oil equivalent (boe)1. Proved plus probable reserves on Athabasca's wholly owned properties\n are estimated at 212 million boe as of December 31, 2011.\n\n\nSuccessfully completed and started-up thermal test facilities in the\n Dover West Leduc carbonates. Application was filed for a 6,000 bbl/d\n thermal pilot/demonstration project. The reef complex holds over 17\n billion barrels of bitumen-in-place (best estimate).\n\n\nLaunched an extensive five rig drilling program targeting the\n liquids-rich Montney, Nordegg and Duvernay formations in northwestern\n Alberta. Athabasca holds more than 1.9 million acres of petroleum and\n natural gas rights. Infrastructure construction is underway.\n\n\n\"In 2011, Athabasca achieved the ambitious development and exploration\n milestones that we set for ourselves,\" says Sveinung Svarte, president\n and CEO. \"As we look forward, 2012 is a pivotal year for the company as\n Athabasca moves into the development phase of its assets. The\n company's  goal is to grow its production to 220,000 barrels per day by\n 2020, half extra heavy oil and half light oil. To accomplish this\n Athabasca has assembled a highly competent team of pr...