Business
Athabasca Oil Sands Corp. Announces Filing of 2010 Second Quarter Financial Statements
Athabasca Oil Sands Corp. Announces Filing of 2010 Second Quarter Financial Statements
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n Jul. 29, 2010 (Canada NewsWire Group) -- \n \n \n CALGARY, July 29 /CNW/ - Athabasca Oil Sands Corp. (TSX: ATH) (AOSC) announces it has filed its financial statements and management's discussion and analysis (MD&A) for the three and six month periods ended June 30, 2010. These documents can be retrieved electronically from SEDAR (www.sedar.com) or from AOSC's website (www.aosc.com).\n\nAOSC Updates 2010 Activities\n\nAOSC achieved several important milestones in the first half of 2010: it closed its joint venture with a wholly-owned subsidiary of PetroChina Company Limited, completed its initial public offering (IPO) and finished its winter drilling and coring program which resulted in a significant increase in its resource volumes.\nAccording to Bill Gallacher, AOSC's chair of the board, a highlight was the signing of the joint venture with a subsidiary of the world's largest public energy company on February 10th. The companies agreed to develop two properties, the MacKay River and Dover oil sands projects west of Fort McMurray. Petro-China's subsidiary holds a 60 per cent working interest (WI) and AOSC has the remaining 40 per cent WI in the joint venture.\nAn application has been filed with the Energy Resources Conservation Board (ERCB) for a 150,000 bbls/d SAGD (steam assisted gravity drainage) project at MacKay River. The joint venture partners intend to drill a series of horizontal wells from pads to produce the bitumen. Production from Phase I of the project is anticipated to commence in 2014 and is expected to reach 35,000 bbls/d.\n"PetroChina has sophisticated SAGD operations at its Chinese heavy oil fields," reports Sveinung Svarte, AOSC's president and CEO. "They also have a very large R&D department working on ways to minimize environmental impacts while maximizing the amount of oil produced. We are privileged to have such a knowledgeable and experienced joint venture partner."\nOn April 8th, AOSC completed its IPO and raised $1.35 billion (gross) by issuing 75 million common shares. "I was impressed that employees and board members chose to invest $30 million of their own money in shares," adds Svarte. "We are fortunate such a dedicated group is working for us."\nOn June 9th, AOSC announced it had net resource volumes of approximately 8.705 billion barrels, which is ...