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.
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.
The Company deployed approximately $31 million of capital in Light Oil during the third quarter of 2015, which primarily related to the completion operations of wells from the prior winter's program and the kick-off of second half operations.
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.