Wednesday, August 7, 2013

Athabasca Oil Corporation - ATH.t

Athabasca Oil Corporation - ATH.t is focused on the sustainable development of oil sands in the Athabasca region in northeastern Alberta and light oil resources in northwestern Alberta, Canada.

On August 7, 2013 the company released News

"The Financial Post reports in its Wednesday edition Alberta's energy regulator conditionally approved late Tuesday the Dover oil sands project proposed by Athabasca Oil. The Post's Claudia Cattaneo writes the project was opposed by the Fort McKay band, which was worried about its effect on traditional land use and requested a 20-kilometre environmental buffer between the project and its reserve near Fort McMurray. The regulator said it agreed with Athabasca Oil's submission that the project is located in an area designated for oil sands development under the Lower Athabasca Regional Plan, which was developed in consultation with aboriginals and other groups. The approval comes with 10 conditions related to early progressive reclamation and operations. The approvals trigger the company's right under a put-call agreement to sell its remaining 40 per cent of the Dover project to a subsidiary PetroChina, with proceeds expected in the fourth quarter, chief executive officer Sveinung Svarte said last week. Mr. Svarte also said grounds for appeal are limited and even if an appeal goes ahead, the project would be deemed to have received regulatory approval as required under the agreement with PetroChina. "