Welcome!

News Feed Item

Athabasca Oil Corporation Reconfirms Its Near Term Capital Focus and Announces Associated Staff Reductions

CALGARY, March 6, 2014 /CNW/ - As previously communicated, Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the Company") completed a detailed review of its near term exploration and development priorities late last year with a view to allocate capital between its many development opportunities. As a result, the Company announced an initial 2014 capital budget focused on its key near term priorities, including the completion of Hangingstone Project 1, preparation for a Hangingstone Expansion and a targeted Duvernay drilling and completion program.

Additional projects in Thermal Oil will be considered only when additional financing for those projects has been assured; however, the company is progressing technical work on these significant assets to prepare for future opportunities.

As the Company moves forward, it anticipates that the Fort McKay First Nation's recent discontinuance of its appeal against the Dover Commercial Project ("DCP") will pave the way for full regulatory approval of the DCP. Upon receipt of those approvals the Company intends to exercise the Dover put option and anticipates closing of the associated transaction to occur in the second quarter.

Upon receipt of the Dover put option proceeds, affirmation of the productivity of Athabasca's new Duvernay wells and clarification on the outcome of its Duvernay joint venture process, Athabasca expects to revise its 2014 capital program. It anticipates issuing an updated budget in July.

As part of Athabasca's continuing focus on capital discipline, it has decided to reduce its workforce by approximately 15 percent, predominantly in the Calgary office. The reductions largely affect employees associated, directly or indirectly, with projects for which funding will not be allocated in the near term.

"The quality of our teams at Athabasca has been and continues to be exceptional," says Sveinung Svarte, President and CEO. "However, capital discipline is key to our future success and these difficult staffing decisions are in alignment with our near term capital focus. My sincere thanks to the individuals who are leaving Athabasca for their many contributions."

About Athabasca Oil Corporation

Athabasca Oil Corporation is a dynamic, Canadian energy company with a diverse portfolio of thermal and light oil assets. Situated in Alberta's Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca's common shares trade on the TSX under the symbol "ATH". For more information, visit www.atha.com.

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "should," "believe", "intend", "potential" and similar expressions are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company's current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company's industry, business and future financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release may contain forward-looking information pertaining to the following: the Company's  capital expenditure programs for 2014 and beyond; the expected timing of the receipt of regulatory approval for the Dover Commercial Project, the timing of the Company's exercise of the Dover put option and the timing of receipt of the sale proceeds from the sale of its Dover interests; the Company's drilling plans, in particular, with respect to the Duvernay asset; the Company's plans for, and results of, exploration and development activities; the Company's future business plans; and the Company's expectations regarding the outcome of its Duvernay joint venture process.

With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: the; the regulatory framework governing the receipt of regulatory approval for the Dover Commercial Project; the timing of receipt of regulatory approval for the Dover Commercial Project; the impact that the agreements relating to the PetroChina transaction will have on the Company, including on the Company's financial condition and results of operations; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; the Company's future debt levels; and the Company's ability to obtain financing on acceptable terms.

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company's most recent Annual Information Form filed on March 28, 2013 that is available on SEDAR at www.sedar.com, including, but not limited to: general economic, market and business conditions; dependence on Phoenix Energy Holdings Limited ("Phoenix") as the joint venture participant in the Dover Commercial Project; failure to satisfy certain conditions in connection with the Company's debt and credit facilities; factors affecting funding, including the development of new business opportunities, the availability of financing; the potential impact of the exercise of the Dover put option on the Company; failure to meet the conditions precedent to the exercise by the Company of the Dover put option, including failure to obtain necessary regulatory approvals for completion of the Dover put option transaction in 2014 or at all; increases in operating costs making projects uneconomic; the substantial capital requirements of the Company's projects; the need to obtain regulatory approvals and maintain compliance with regulatory requirements; the potential for management estimates and assumptions to be inaccurate; failure by counterparties (including without limitation Phoenix) to comply with contractual arrangements between the Company and such counterparties; Aboriginal claims; claims made in respect of the Company's operations, properties or assets; risks arising from future acquisition and joint venture activities; risks that joint venture arrangements will not perform as expected; and volatility in the market price of the common shares.   The forward-looking statements included in this News Release are expressly qualified by this cautionary statement. Athabasca does not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.

SOURCE Athabasca Oil Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, r...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
Excitement and interest in APIs has skyrocketed in recent years. However, if you ask a room full of IT professionals "What is an API", you will get a wide array of answers. There exists a wide knowledge gap between API experts and those that have a general idea of what they are, but are unsure of what they have been for in the past, what they look like now, and how they can be used to expand your business in the future. In this session John will cover what the history of APIs, what an API looks ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DevOps with IBMz? You heard right. Maybe you're wondering what a developer can do to speed up the entire development cycle--coding, testing, source code management, and deployment-? In this session you will learn about how to integrate z application assets into a DevOps pipeline using familiar tools like Jenkins and UrbanCode Deploy, plus z/OSMF workflows, all of which can increase deployment speeds while simultaneously improving reliability. You will also learn how to provision mainframe syste...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.