Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development 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".
Operations
As of December 2009, Athabasca Oil Corporation owns leases and permits on 1570000 acre in the Athabasca oil sands, but does not operate any commercial developments.[2] As of June 2010, the company's reserves included an estimated 8.6 Goilbbl of contingent resource (potentially recoverable oil) and 114 Moilbbl of probable reserves.[3] AOC sold 60% of two assets, included above, to PetroChina in 2009.
AOC intends to produce oil through the steam-assisted gravity drainage (SAGD) method rather than through open-pit mining as older oil sands mines have.[4]