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Athabasca Oil Corporation Announces Regulatory Approval of the Hangingstone Oil Sands Project 1
CALGARY, Oct. 4, 2012 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is pleased to announce t...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Oct. 4, 2012 /CNW/ - Athabasca Oil Corporation (TSX: ATH) is\n pleased to announce that the Lieutenant Governor in Council has\n authorized the Energy Resources Conservation Board to grant Approval\n No. 11888 for the development of its 12,000 barrels per day (bbl/d)\n Hangingstone Project 1.\n\n\nThis regulatory approval represents a significant milestone in the\n development of Athabasca's substantial oil sands reserve base. In early\n November 2012, the Hangingstone Project 1 will be presented, for\n sanctioning, to the Company's Board of Directors.\n\n\nFront-end engineering and design (FEED), for the Hangingstone Project 1,\n has been completed, and the procurement of long-lead equipment is well\n underway. The Company anticipates project start-up by the second half\n of 2014.\n\n\nLocated less than 20 kilometres southwest of Fort McMurray, the\n Hangingstone Project 1 will employ steam assisted gravity drainage\n (SAGD) technology. The Hangingstone project area is comprised of 213\n sections of land which contain 0.1 billion barrels of Probable Reserves\n and 0.9 billion barrels of Contingent Resource (Best Estimate) which is\n based upon third party estimates, effective April 30, 2012.\n\n\nHangingstone Project 1 will be followed by additional SAGD projects,\n bringing the area's potential production to greater than 80,000 bbl/d.\n In 2013, the Company plans to file regulatory applications for\n development of the Hangingstone Projects 2 and 3.\n\n\nAthabasca is a dynamic, Canadian company focused on the development of\n oil resource plays in Alberta, Canada. The company has accumulated an\n extensive, high quality resource base suitable for the extraction of\n thermal crude oil (bitumen) and light oil.  Well financed and endowed\n with quality assets and talented people, Athabasca is poised to become\n a major Canadian oil producer. It aspires to produce 220,000 boe/d by\n 2020, half thermal oil and half light oil. Athabasca is traded on the\n TSX under the symbol ATH.\n\n\n\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\", \"estimate\", \"expect\" and\n \"...