Athabasca Oil Corporation Reports Third Quarter 2014 Financial and Operating Results and Provides an Update on Key Strategic Initiatives

About this update from Athabasca Oil Corporation

[{"type":"text","content":"\n\n\nCALGARY, Nov. 7, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH)\n (\"Athabasca\" or \"the Company\") is pleased to report its third quarter\n 2014 financial and operating results, the initiation of a Board renewal\n process and an update on the continued implementation of its refined\n business strategy.\n\n\nThird quarter highlights:\n\n\n\nclosed the Dover transaction for net proceeds of $1.2 billion. The\n Company has a very strong liquidity position which will be used to fund\n the development of its core assets over the mid-term including a\n focused development program in the Duvernay and the completion and\n ramp-up of production at Hangingstone Project 1, Athabasca's 12,000\n barrels per day (\"bbl/d\") steam assisted gravity drainage (\"SAGD\")\n project;\n\n\nproduced an average of 6,381 barrels of oil equivalent per day (\"boe/d\")\n with 51% liquids, in line with guidance of 6,000 to 6,500 boe/d for the\n second half of 2014;\n\n\ncommenced the Duvernay focused Light Oil winter drilling program. Four\n rigs will be active in the field with the primary goal to accelerate\n production and cash flow growth through 2015; and\n\n\nreached 94% completion on Hangingstone Project 1. The project costs are\n tracking in-line with sanctioned budget costs, with first steam\n expected by the end of the first quarter of 2015.\n\n\n\n\"Athabasca recognizes that we need to transition into being a producer\n that is focused on delivering strong production and cash flow growth\n while at the same time preserving a strong balance sheet and financial\n flexibility,\" says Tom Buchanan, President and CEO. \"Since assuming the\n role of President and CEO in early October, I have embarked on a\n detailed review of Athabasca's operations and the organizational\n structure. I am also meeting with many of our shareholders and I am\n listening to their concerns. Our key near-term priorities include the\n disciplined execution of our capital plan and the competitiveness of\n our cost structure. We are also undertaking a process to bolster our\n corporate governance and enhance the execution of our business plan.\"\n\n\nAthabasca has filed its financial statements and management's discussion\n and analysis (\"MD&A\") for the three and nine months ended September 30,\n 2014. These documents are available on the Company's website www....

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