CALGARY, April 17, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH)
("Athabasca" or "the Company") announces that it has exercised its
option to divest its 40% interest in the Dover Commercial Project
("DCP") to Phoenix Energy Holdings Limited ("Phoenix") for cash
consideration of $1.32 billion (Cdn.) gross, approximately $1.23
billion (Cdn.) net of closing adjustments.
Pursuant to the terms of its February 10, 2010 Put/Call Option Agreement
with Phoenix, Athabasca's option to sell was triggered by the issuance
of Alberta Environment's approval of the DCP under the Alberta
Environment Protection and Enhancement Act on April 16, 2014.
"We have today opted to sell our remaining ownership in projects
operated by Brion Energy," says Sveinung Svarte, President and CEO. "We
have very much appreciated working with our joint venture partner at
Brion Energy over the past four years and wish them every success as
they proceed with the Dover development."
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.
SOURCE: Athabasca Oil Corporation
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