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Athabasca Oil Corporation Reports Second Quarter 2014 Financial and Operating Results
CALGARY , Aug. 6, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\nCALGARY, Aug. 6, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH)\n (\"Athabasca\" or \"the Company\") is pleased to report its second quarter\n 2014 financial and operating results.\n\n\nSecond quarter highlights:\n\n\n\nproduced an average of 5,767 barrels of oil equivalent per day (\"boe/d\")\n with 52% liquids, in line with guidance of 5,500 to 6,000 boe/d;\n\n\nobtained extended production results from two additional Duvernay wells\n at Kaybob West; 8-29-64-20W5 had an established 30-day restricted rate\n of 784 boe/d with a free condensate yield of 763 barrels per million\n cubic feet (\"bbls/mmcf\") and the second well at 4-29-64-20W5 had an\n established 30-day restricted rate of 615 boe/d with a free condensate\n yield of 710 bbls/mmcf. Both wells support the Company's interpretation\n of the prospectivity of the volatile oil window where Athabasca has\n substantial acreage;\n\n\nreached 89% completion on Hangingstone Project 1, Athabasca's 12,000\n barrels per day (\"bbls/d\") steam assisted gravity drainage (\"SAGD\")\n project; and\n\n\nentered into new credit facilities providing for approximately $425\n million of committed funding for three to five year terms.\n\n\n\nThe Company confirms that it continues to work with Phoenix Energy\n Holdings Limited (\"Phoenix\") to close the Dover put transaction in\n accordance with the terms of the Put/Call Option Agreement. The parties\n have a mutually understood path to closing the transaction, including\n targeted timelines.\n\n\n\"Athabasca is working diligently to advance the closing of the Dover put\n transaction and we appreciate the ongoing patience of our\n shareholders,\" says Sveinung Svarte, President and CEO. \"Operationally,\n we remain very encouraged by the results of our Duvernay wells and are\n pleased with the advancement of Hangingstone Project 1, which is\n progressing as planned. We continue to be committed to strong capital\n discipline and look forward to releasing an updated corporate strategy\n and capital plans following the closing of the Dover transaction.\"\n\n\nAthabasca has filed its financial statements and management's discussion\n and analysis (\"MD&A\") for the three and six months ended June 30, 2014.\n These documents are available on the Company's website www.atha.com and later this morning from SEDAR www.sedar.com. An update...