About Us

About Athabasca

Athabasca Oil Corporation 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, Athabasca has exposure to ~200,000 gross acres prospective for Duvernay at Greater Kaybob and ~65,000 gross acres prospective for Montney at Greater Placid. The Company completed a joint venture with Murphy Oil in May 2016 that will see $1 billion of investment in the Duvernay over four years and leverage Murphy’s expertise in the analogous Eagle Ford shale resource play. Athabasca retains a 70% working interest and operatorship in the liquids rich Montney at Placid where the Company is positioned for strong near-term growth with scalable and flexible future development plans.

In the Thermal oil division, Leismer and Hangingstone underpin the Company’s low-decline production base which has the ability to generate meaningful free cash flow. The Company has exposure to ~1.1 million barrels of bitumen reserves (proved plus probable) and ~6.5 billion barrels of bitumen resource (best estimate unrisked) with 80,000 bbl/d of regulatory approved low-risk development opportunities.

Athabasca has a fully funded development outlook capable of delivering growth to 60,000 boe/d by 2020 and is guided by a strategy that includes:

Light Oil: Defined and Material Growth

  • A scalable operated Montney position at Placid
  • Funded Duvernay development through the joint venture with Murphy Oil
  • Production growth to over 10,000 boe/d by year-end 2017 and approximately 25,000 boe/d over the next five years

Thermal Oil: Free Cash Flow with Leverage to Oil prices

  • A large low decline asset base accelerates free cash flow
  • Free cash flow of approximately $350 million over a five year period at US$55/bbl WTI
  • Future low risk expansion options

Financial Sustainability

  • Maturing cash flow profile with strong sustainability metrics and a low overall corporate production decline rate of approximately 7.5% annually
  • Diverse asset base provides flexibility in future capital allocation decisions
  • Net debt to cash flow expected to be less than 2.5x at year-end 2018 (US$55/bbl WTI)

Common shares are listed on the Toronto Stock Exchange under the trading symbol “ATH”.

Latest Information

August 2019 Presentation

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