Handout/Athabasca Oil Sands Corp.Athabasca needs a WTI oil price of US$40 to US$60 per barrel to breakeven on its single wells in the region, though the company was transitioning to a different technique to drive down its costs.
CALGARY - Sveinung Svarte, the Norwegian geophysicist who co-founded Athabasca Oil Corp. nine years ago, cut his last ties Monday to the once-high flying oil company that stumbled over a controversial oil sands deal with PetroChina.
The new chief executive at Athabasca Oil Corp. is a farm-raised 45-year-old engineer from central Alberta whose favourite non-work pastimes are golfing, snowmobiling and spending time with his wife and three teenage children.
CALGARY - Athabasca Oil Corp. has finally banked cash - $600-million of it - from PetroChina to settle the giant Chinese national oil company's takeover of the Dover oil sands project triggered four months ago.
Athabasca Oil Corp. reported a bigger net loss and lower cash flow Tuesday as first quarter realized prices from its conventional oil and gas division plunged to $29.35 per barrel of oil equivalent from $61.12 a year earlier.
Sveinung Svarte is out as president and CEO of Athabasca Oil Corp. - though not completely, as the Calgary-based oil producer moves past its roller-coaster oil sands partnership with PetroChina and doubles down on its other businesses.
Athabasca Oil Corp.'s wait for a $1.32-billion cash windfall from PetroChina Co. may be nearing an end. Shares of the Calgary-based oil producer have tumbled nearly 15% since early May, amid mounting uncertainty over whether PetroChina would follow ...