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Athabasca Oil Corporation Advances the Development of its Thermal and Light Oil Assets and Reports First Quarter 2013 Results
CALGARY, April 30, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is pleased to report i...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 30, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is\n pleased to report its first quarter 2013 results.\n\n\nHighlights include:\n\n\nIn the Thermal Oil Division, construction at Hangingstone Project 1 is\n currently proceeding as planned. Appraisal programs to further\n delineate bitumen resources at Hangingstone Project 2 and Dover West\n Sands continued along with a third production phase of the Thermal\n Assisted Gravity Drainage (\"TAGD\") Leduc Pilot and Demonstration\n Project at Dover West Carbonates;\n\n\nThe Light Oil Division continued further development of its production\n capability and commissioning of infrastructure assets in the\n liquids-rich Alberta Deep Basin. Production in the first quarter\n averaged 6,100 barrels of oil equivalent per day (boe/d), which was\n impacted by unexpected third-party transmission and plant outages.\n\n\nAthabasca has filed its financial statements and management's discussion\n and analysis for the three month period ended March 31, 2013. These\n documents can be retrieved electronically on the Company's website www.atha.com and later this morning from SEDAR www.sedar.com.\n\n\nThermal Oil Division\n\n\nAthabasca continued to advance the development of its various thermal\n oil assets during the first quarter of 2013.\n\n\nAt Hangingstone Project 1, the Company's wholly-owned 12,000 barrels per\n day (bbl/d) steam assisted gravity drainage (\"SAGD\") project near Fort\n McMurray, 66 percent of the earthworks required for the construction of\n the central processing facility and the SAGD well pads has been\n completed. Detailed engineering for the project is now 83 percent\n complete. Athabasca anticipates commencing drilling of the SAGD well\n pairs by mid-year 2013.\n\n\nDuring the first quarter of 2013, Athabasca drilled 23 appraisal wells\n at Hangingstone Project 2 to further delineate bitumen resources. In\n the second quarter of 2013, the Company anticipates submitting\n regulatory applications for Hangingstone Projects 2 and 3, two\n consecutive SAGD projects which are expected to increase overall\n production to greater than 80,000 bbl/d.\n\n\nDuring the first quarter of 2013, Athabasca entered into an agreement\n with Enbridge Pipelines (Athabasca) Inc. for the transportation and\n terminaling of diluted bitumen (\"dilbit\"), which will be ...