Founded in 2006, Athabasca Oil Corporation, an Alberta based company, is focused on the sustainable development of light oil resources in northwestern Alberta and oil sands in the Athabasca region in northeastern Alberta.
In the Light Oil division, the Company has exposure to ~200,000 gross acres prospective for Duvernay and ~60,000 gross acres prospective for Montney in the greater Kaybob region. To date the Company has drilled in excess of 25 Duvernay wells. Initial operations were focused on land retention and defining thermal maturity windows. The Company has significantly progressed its recent strategic objectives of lowering well costs through pad drilling and continued delineation of the volatile oil window. In the Montney, current operations are focused on a liquids rich sweet spot at Placid.
In the Thermal oil division the Company has exposure to four oil sands leases which include Hangingstone, Dover West sands and carbonates, Birch and Grosmont with a total of ~5.9 Billion barrels of bitumen resource (contingent best estimate, unrisked). The Company is focused on the production ramp-up of Hangingstone Project 1 which is expected to reach design capacity of 12,000 bbl/d by year-end 2016. The project was sanctioned in late 2012 and commissioned in March 2015.
The Company’s strategic plan is underpinned by four guiding principles and aimed to create long term value for shareholders and position the company to withstand the cyclical nature of the commodity markets. The core guiding principles include:
- Balance Sheet Strength - focusing capital towards our two core assets at Kaybob and Hangingstone, and adapting the capital program to the broader economic environment
- Cash Flow Growth - driven through the disciplined ramp-up of production at Hangingstone and a measured pace of development in the Duvernay and Montney
- Execution Excellence – technical rigor and capital and cost discipline sets the foundation for long term development
- Delivering on Commitments – transitioning the Duvernay to commercial development and achieving Hangingstone production ramp-up to design capacity by year-end 2016
Common shares are listed on the Toronto Stock Exchange under the trading symbol “ATH”.