Business
Athabasca Oil Corporation Reconfirms Its Near Term Capital Focus and Announces Associated Staff Reductions
CALGARY , March 6, 2014 /CNW/ - As previously communicated, Athabasca Oil Corporation (T...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\nCALGARY, March 6, 2014 /CNW/ - As previously communicated, Athabasca Oil\n Corporation (TSX: ATH) (\"Athabasca\" or \"the Company\") completed a\n detailed review of its near term exploration and development priorities\n late last year with a view to allocate capital between its many\n development opportunities. As a result, the Company announced an\n initial 2014 capital budget focused on its key near term priorities,\n including the completion of Hangingstone Project 1, preparation for a\n Hangingstone Expansion and a targeted Duvernay drilling and completion\n program.\n\n\nAdditional projects in Thermal Oil will be considered only when\n additional financing for those projects has been assured; however, the\n company is progressing technical work on these significant assets to\n prepare for future opportunities.\n\n\nAs the Company moves forward, it anticipates that the Fort McKay First\n Nation's recent discontinuance of its appeal against the Dover\n Commercial Project (\"DCP\") will pave the way for full regulatory\n approval of the DCP. Upon receipt of those approvals the Company\n intends to exercise the Dover put option and anticipates closing of the\n associated transaction to occur in the second quarter.\n\n\nUpon receipt of the Dover put option proceeds, affirmation of the\n productivity of Athabasca's new Duvernay wells and clarification on the\n outcome of its Duvernay joint venture process, Athabasca expects to\n revise its 2014 capital program. It anticipates issuing an updated\n budget in July.\n\n\nAs part of Athabasca's continuing focus on capital discipline, it has\n decided to reduce its workforce by approximately 15 percent,\n predominantly in the Calgary office. The reductions largely affect\n employees associated, directly or indirectly, with projects for which\n funding will not be allocated in the near term.\n\n\n\"The quality of our teams at Athabasca has been and continues to be\n exceptional,\" says Sveinung Svarte, President and CEO. \"However,\n capital discipline is key to our future success and these difficult\n staffing decisions are in alignment with our near term capital focus.\n My sincere thanks to the individuals who are leaving Athabasca for\n their many contributions.\"\n\n\nAbout Athabasca Oil Corporation\n\n\nAthabasca Oil Corporation is a dynamic, Canadian energy company with a\...