CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reports its 2020 year-end results and annual reserves. In a year of unprecedented challenges, Athabasca demonstrated the exceptional resilience of its low-decline assets. In 2021, Athabasca is focused on resuming its pre-COVID business plan of free cash flow generation, disciplined operations and preserving long term future projects across its portfolio. Armed with an unrestricted cash balance of $165 million, the Company is focused on refinancing its debt in order to capture the unparalleled cashflow generation potential from its long reserve life, oil weighted … Continue Reading

CALGARY, Alberta, Dec. 02, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) announces its 2021 budget that is focused on maintaining base production and maximizing funds flow. The Company also is pleased to announce that it has renewed its syndicated bank facility and has received an increase to its unsecured letter of credit facility backstopped by Export Development Canada.

2021 Budget

Low Sustaining Capital. Athabasca is planning expenditures of $75 million focused on sustaining projects at Leismer along with routine maintenance activities at all properties. Capital will be allocated $70 million to Thermal Oil and … Continue Reading

CALGARY, Alberta, Nov. 04, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported its operating and consolidated financial results for the three months ending September 30, 2020.

The third quarter demonstrated the significance of Athabasca’s swift response to the COVID-19 pandemic. The Company has focused on maximizing corporate funds flow and maintaining corporate liquidity. Its Leismer asset underpinned a low corporate decline rate with significant cash flow generation. The recent improvement in commodity prices allowed the Company to successfully restart its Hangingstone asset and also implement price protection through hedges over the winter season. The … Continue Reading

CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported its operating and consolidated financial results for the three months ended June 30, 2020.

The second quarter was defined by unprecedented moves in commodity prices due to the COVID-19 pandemic and resulting oil demand destruction. Athabasca responded swiftly to mitigate the impact of these unexpected events. The Company entered 2020 with a strong liquidity position allowing it to withstand the economic impact on its low decline, long reserve life assets.

Resiliency Measures Taken in Response to COVID-19 

Reduction to Capital: 2020 budget

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CALGARY, Alberta, June 01, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that it has completed the annual review of its credit facilities. The Company’s banking syndicate has renewed the reserve-based facility until November 30, 2020. The credit facility has been reduced to $42 million which reflects the currently outstanding letters of credit for long term transportation commitments and is secured by the Company’s cash balances.

The Company continues to pursue opportunities to access credit support offered by the Government of Canada during this uncertain economic environment created by the COVID-19 pandemic.

Athabasca remains … Continue Reading

CALGARY, May 07, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that all matters presented for approval at the Annual General Meeting of Shareholders held May 7, 2020 have been fully authorized and approved. The items on the agenda included fixing the number of directors to be elected at seven, electing seven proposed director nominees and the appointment of Ernst & Young LLP as auditors. A recording of the meeting and corporate presentation will be made available at https://www.atha.com/investors/presentation-events.html.

The Board would like to welcome Mr. John Festival as a new director. Mr. … Continue Reading

CALGARY, Alberta, May 06, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its operating and unaudited consolidated financial results for the three months ended March 31, 2020.

Operations Highlights

Q1 Production: ~36,550 boe/d including ~28,300 bbl/d in Thermal Oil & ~8,250 boe/d in Light Oil.

Leismer: Q1 production of ~19,800 bbl/d supported by strong results at Pad 7.

Placid Montney: Encouraging initial results from 10 wells that were placed on production for clean-up in April with plans to defer new volumes until commodity prices improve.

Kaybob Duvernay: Continued strong results in

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CALGARY, Alberta, April 28, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency.

Upsized Contingent Bitumen Royalty

Athabasca is pleased to announce an upsizing of the previously completed Contingent Bitumen Royalty with Burgess Energy Holdings L.L.C. (the “Royalty”) for additional cash consideration of $70 million.  Athabasca has now raised total cash proceeds of $467 million since 2016 through this unique funding structure at an extremely attractive cost of capital. The transaction closed on April 28, … Continue Reading

CALGARY, Alberta, April 02, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is taking further immediate actions in response to the significant decline in global oil prices to bolster balance sheet strength and corporate resiliency.

Shut-in of Hangingstone Asset

Due to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis, Athabasca has decided to suspend the Hangingstone SAGD operation. This suspension was initiated on April 2, 2020 and will involve shutting in the well pairs, halting steam injection to the reservoir, and taking measures to preserve the … Continue Reading

CALGARY, Alberta, March 20, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is taking swift action in response to the significant decline in global oil prices to bolster balance sheet strength and corporate resiliency, including a $30 million reduction to its 2020 capital program and proactively curtailing heavy oil production at Hangingstone.

$30 million Reduction to 2020 Capital Budget and Operations Update

Athabasca has immediately cancelled $30 million of capital expenditures, representing a 25% reduction from the previously announced 2020 budget. The revised $95 million budget primarily includes the completion of the winter program. The … Continue Reading

CALGARY, Alberta, March 04, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to provide its 2019 year-end results and annual reserves. 

2019 Corporate Highlights

Production: Annual production of ~36,200 boe/d (87% liquids) which included ~10,100 boe/d (54% liquids) in Light Oil and ~26,100 bbl/d in Thermal Oil.

Funds Flow, Capital Expenditures & Free Cash Flow: Annual Adjusted Funds Flow of ~$155 million ($0.30/share) and ~$140 million of capital expenditures resulting in approximately $15 million of Free Cash Flow.

Netbacks: Maintained top decile annual Light Oil Operating Netback of $25.68/boe; annual Thermal Oil Operating

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CALGARY, Alberta, Jan. 08, 2020 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) demonstrated strong operational results at the end of 2019 and has approved a 2020 capital budget focused on sustaining annual production within forecasted funds flow.

Year-end 2019 Operations Update

Production – Annual average of ~36,200 boe/d, in line with prior guidance of 36,000 boe/d. Q4 2019 production averaged ~36,400 boe/d.

Leismer Update – December production increased to ~20,100 bbl/d supported by the five-well sustaining pad at L7 that was brought on production in Q4 2019.

Light Oil Update – At Placid, completions operations

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