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Athabasca Oil Corporation Reports Third Quarter 2013 Results
CALGARY , Oct. 30, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "th...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\nCALGARY, Oct. 30, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH)\n (\"Athabasca\" or \"the Company\") is pleased to report its third quarter\n 2013 results.\n\n\nAthabasca has filed its financial statements and management's discussion\n and analysis for the three and nine month periods ended September 30,\n 2013. These documents are available on the Company's website www.atha.com and later this morning from SEDAR www.sedar.com.\n\n\nOperations Update\n\n\nSafety in the workplace is a prime focus for Athabasca. The Company is\n proud of the continued commitment to safety by its employees and\n contractors.\n\n\nLight Oil \nProduction in the third quarter averaged 5,826 barrels of oil equivalent\n per day (boe/d), within the guidance range previously provided. The\n Company made adjustments for prior period accruals, primarily dating\n back to February, 2012, resulting in reported production of 5,597\n boe/d.\n\n\nThe scheduled shutdown of Keyera's Simonette gas plant for maintenance\n and completion of the plant modifications in September lasted 25 days,\n five days longer than planned. Athabasca's sour production was brought\n back on-line starting on October 1, 2013, with all tied-in wells on\n production by mid-October, 2013. Athabasca does not anticipate any\n restrictions from Keyera going forward. The Company expects to average\n 6,500 to 7,000 boe/d in the fourth quarter of 2013.\n\n\nAthabasca is pleased with the strong performance of its three Duvernay\n horizontal wells along with the positive results reported by other\n industry operators in the Kaybob region. Athabasca is continuing to\n progress its strategy to hold and delineate its Duvernay land position.\n The Company currently has two rigs drilling in the Kaybob area,\n targeting four horizontal wells in the Duvernay formation. Athabasca is\n continuing with a formal joint venture process for its Duvernay\n holdings. The Company holds 350,000 acres (net) of liquids-rich\n Duvernay potential, including 200,000 high-graded acres (net) near\n Kaybob. This high-graded acreage contains greater than 20 meters of\n shale pay and lies in the heart of the Duvernay Fairway.\n\n\nAthabasca has sanctioned a small fourth quarter Montney drilling program\n in the Kaybob East area along with additional optimization of existing\n wells.\n\n\nThe Company entered into an ...