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Athabasca Oil Sands Corp. Reports 2011 Second Quarter Financial Results and Provides Operational Update
CALGARY, Aug. 4, 2011 /CNW/ - Athabasca Oil Sands Corp. (TSX: ATH) ("AOSC", "Athabasca" or th...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 4, 2011 /CNW/ - Athabasca Oil Sands Corp. (TSX: ATH)\n (\"AOSC\", \"Athabasca\" or the \"company\") announces it has filed its\n financial statements and management's discussion and analysis (MDA)\n for the three and six month periods ended June 30, 2011. These\n documents can be retrieved electronically from AOSC's website (www.aosc.com) and later this morning from SEDAR (www.sedar.com).\n\n\nAthabasca Operational Update \n\n\nOil Sands Activities\n\n\nThe company advises that its wholly-owned oil sands development projects\n at Hangingstone and Dover West, as well as its joint venture projects\n at MacKay River and Dover, are progressing as planned. Athabasca\n remains on target to file its Dover West clastics and carbonates\n project and pilot applications prior to year-end. The company's thermal\n assisted gravity drainage (TAGD) test at Dover West has generated\n positive early results and AOSC expects to test bitumen production in\n late 2011 or early 2012. Athabasca continues to evaluate a number of\n oil sands business development opportunities.\n\n\nDeep Basin Activities\n\n\nAthabasca is pleased to announce it has drilled and completed three\n wells using multi-stage fracture technology, all located in the Deep\n Basin area of northwestern Alberta. Two drilling rigs are currently\n operating and a third is scheduled to arrive in late September.\n\n\nAthabasca initiated its horizontal well evaluation drilling program in\n Q1 2011, in the southern portion of its Deep Basin lands, near Fox\n Creek, Alberta.\n\n\nAthabasca has acquired in excess of one million acres of land in the\n Deep Basin based on light oil and liquids-rich natural gas resource\n play potential in the Duvernay, Montney and Nordegg formations.\n Sveinung Svarte, Athabasca's president and CEO says, \"We are excited to\n have accumulated a substantial acreage position in the heart of the\n fairway where industry is demonstrating significant success,\n particularly in the Duvernay and Montney formations. In addition,\n several other geological formations that are promising for light oil\n and liquids-rich natural gas, such as the Nordegg, have been identified\n within the lands, adding to the multi-zone hydrocarbon potential in the\n area.\"\n\n\nEvaluation Drilling Program\nInitial well locations and target formations were influ...