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Athabasca Oil Corporation Announces 2012 Year-End Results
CALGARY, March 21, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is pleased to announce...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 21, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is\n pleased to announce its 2012 Year End Results. The Company achieved\n numerous corporate milestones and transitioned from a pure exploration\n company to an exploration and production (E&P) company with a balanced\n portfolio of light oil production and a wholly-owned thermal oil\n project under construction.\n\n\nSome of the 2012 highlights include:\n\n\nLight Oil\n\n\nCompletion of infrastructure, including a 63-kilometre-long,\n 12-inch-diameter trunk pipeline from Kaybob West to the Keyera\n Simonette Gas Plant and oil batteries at Kaybob West, Kaybob East and\n Saxon/Placid with a capacity of 36,000 bbl/d of oil and 48 mmcf/d of\n natural gas;\n\n\nProduction ramp-up in the Kaybob area, during Q4 2012, as the\n wholly-owned infrastructure was commissioned. On December 17, 2013, the\n Company achieved peak production rates of 10,700 boe/d with 57 percent\n liquids;\n\n\nIn 2012, Athabasca drilled 46 horizontal wells (and completed 44\n horizontal wells) targeting unconventional reservoirs in the Duvernay,\n Montney and Nordegg formations. At December 31, 2012, 33 wells were on\n production, 22 wells were awaiting tie-in and seven wells were awaiting\n completions;\n\n\nAthabasca completed three very good Duvernay wells of which the best,\n the 2-34-62-20W5M well, while producing on restricted flow, in February\n and March 2013, has averaged greater than 800 boe/d (63-percent\n liquids) at a flowing surface pressure of greater than 20 megaPascals\n gauge (mPag).\n\n\n\n\n\nThermal Oil\n\n\nReceipt of regulatory approvals, in October, for the Hangingstone\n Project 1, a 12,000 bbl/d SAGD project. In November, the Board of\n Directors sanctioned the $536-million construction of the Hangingstone\n Project 1 and $27 million for associated infrastructure. The project is\n currently under construction.\n\n\nDemonstration of \"Proof of Concept\" for the Thermal Assisted Gravity\n Drainage (\"TAGD\") production technology during two field test phases at\n Dover West, effectively heating the reservoir rock in the Leduc\n carbonates.\n\n\n\n\n\nFinancials\nWith the ramp-up of production through its wholly-owned infrastructure,\n Athabasca embarked on the path of significant growth in revenues from\n its Light Oil Division, earning a netback of $10...