Who We Are
Founded in 2006, Athabasca Oil Corporation, an Alberta based company, is focused on the sustainable development of oil sands in the Athabasca region in northeastern Alberta and light oil resources in northwestern Alberta, Canada.
Athabasca holds over 4.1 million net acres of mineral leases in the northwestern and Athabasca regions of Alberta. Alberta is well placed to be a secure supplier to the world’s energy demand. Athabasca is well placed to grow and contribute its part. The Company’s common shares are listed on the Toronto Stock Exchange under the trading symbol “ATH.”
Athabasca remains bullish on oil prices, a belief which underpins our growth strategy in the two divisions where we expect to see considerable future expansion of liquids production: oil sands, carbonates and liquids-rich tight formations suitable for multi-stage fracture completions. Athabasca has matured a growth strategy encompassing the synergies of long lived oil sands projects with a high return light oil and liquids-rich gas development that adds shareholder value. The Company is founded on a fast paced entrepreneurial culture attracting the very best talents from the industry that deliver quality results on time and on budget. With 10.3* billion barrels of bitumen resources (contingent resources) and growing light oil production, Athabasca is positioned to become a major oil producer.
Athabasca is organized into two divisions:
- > 1.4 million net acres of leases in the Athabasca area of Northern Alberta;
- First commercial development from the Thermal Oil Division is expected in 2015.
- The division includes five project areas with over 10.3* billion barrels of contingent resources;
- The Company’s major thermal oil projects are Hangingstone (100%), Dover West (100%), Dover (40%), Birch (100%) and Grosmont (50%);
- Development targets include the Wabiskaw and McMurray sand formations as well as the Leduc and Grosmont carbonate formations;
- The Company expects to produce its recoverable bitumen using in-situ recovery methods such as Steam Assisted Gravity Drainage (SAGD), Thermal Assisted Gravity Drainage (TAGD) or other technologies under development.
- > 2.7 million net acres of leases in northwestern Alberta;
- Initial development areas include Kaybob East, Kaybob West and Saxon/Placid with formation targets including the Montney and Duvernay;
- Athabasca produces light oil and liquids-rich natural gas using horizontal drilling and multi-stage hydraulic fracturing technology.
The infrastructure and development projects lay the foundation for sustainable production growth for many years to come.
Athabasca is very proud of its experienced team and the Company continues to attract the very best talents from the industry. The combination of great assets, a strong financial position and an entrepreneurial corporate culture enable us to find the work force we need to execute our projects and create shareholder value.
* Based on GLJ and DeGolyer & MacNaughton contingent resource best estimate of ~10.5 billion bbl as at December 31, 2013 less internal estimate of divestment of 189 million bbl.
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August 29, 2014