Athabasca Oil Corporation reports a significant increase in bitumen contingent resources and light oil reserves, and assigns 51 million barrels of proved reserves at Hangingstone

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 28, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH)\n announces that it has filed its Annual Information Form dated March 28,\n 2013, which can be retrieved electronically from the Company's website\n (www.atha.com) or from SEDAR (www.sedar.com).\n\n\nAthabasca is also pleased to report the highlights of an independent\n reserves and resources evaluation, conducted by GLJ Petroleum\n Consultants Ltd. and DeGolyer MacNaughton Canada Limited, of the\n Company's thermal and light oil assets, at December 31, 2012.\n\n\nHighlights include:\n\n\nReclassification of 51 million barrels (\"bbl\") of Hangingstone's\n probable bitumen reserves to the proved reserve category, based upon\n receipt of regulatory approvals and project sanctioning by the\n Company's Board of Directors;\n\nContingent bitumen resources (best estimate) increased, year-over-year,\n by approximately eight percent to 10.6 billion bbl of bitumen;\n\nProved plus probable bitumen reserves increased over the previous year's\n estimate of 339 million bbl of bitumen (net of the disposition of the\n MacKay River Joint Venture), to an estimated 342 million bbl; and\n\nLight oil reserves increased by approximately 139 percent,\n year-over-year, from 9.2 million barrels of oil equivalent (\"boe\") of\n proved plus probable reserves to 22.0 million boe proved of plus\n probable reserves.\n\nThermal Oil Division\n\n\nIn 2012, Athabasca received regulatory approvals to construct the\n Hangingstone Project 1, a 12,000 bbl/d SAGD project. The Company's\n Board of Directors subsequently sanctioned the Hangingstone Project 1,\n triggering the reclassification of 51 million bbl of Hangingstone's\n probable reserves to the proved reserve category, effective December\n 31, 2012.\n\n\nThe Hangingstone project area is comprised of 136,000 acres of oil sands\n leases which, based upon an independent engineering estimate, at\n December 31, 2012, contain 51 million bbl of proved reserves, 66\n million bbl of probable reserves and 0.9 billion bbl of contingent\n resources (best estimate).\n\n\nYear-over-year additions to the Thermal Oil Division's reserves and\n resources reflect the successful results of the 2011-2012 Winter\n Drilling and Seismic Program which further delineated the bitumen\n deposits.\n\n\nIn March 2012, Athabasca closed the sale of its remaini...

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