CALGARY, July 28, 2014 /CNW/ - In light of recent market speculation and
investor queries Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or
"the Company") is providing clarification on the status of the
transaction relating to the Dover Put Option, which it exercised on
April 17, 2014. The Company confirms that it continues to work with
Phoenix Energy Holdings Limited to close the transaction in accordance
with the terms of the Put/Call Option Agreement. Athabasca will update
the market on material developments.
About Athabasca Oil Corporation
Athabasca Oil Corporation is a 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 about the
Company's anticipated timing of closing of the Dover Put Transaction
and the outcome of the Company's discussions with Phoenix regarding the
Put/Call Option Agreement. This information involves various risks,
uncertainties and other factors. All information other than statements
of historical fact is forward-looking information. The forward-looking
information is not historical fact, but rather is based on the
Company's current plans, objectives, goals, strategies, assumptions and
projections about the Dover Put Transaction. 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.
With respect to forward-looking information contained in this News
Release, assumptions have been made regarding, among other things:
Phoenix's timelines with respect to closing the Dover Put Transaction;
and the impact that the agreements relating to the PetroChina
transaction (the "PetroChina Transaction Agreements"), including the
Put/Call Option Agreement will have on the Company, including on the
Company's financial condition and results of operations.
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 Annual Information Form dated March 18, 2014 that is
available on SEDAR at www.sedar.com including, but not limited to: the substantial capital requirements of
Athabasca's projects and the ability to obtain financing for
Athabasca's capital requirements; the potential for adverse
consequences in the event that Athabasca defaults under certain of the
PetroChina Transaction Agreements; failure by counterparties
(including, without limitation, PetroChina International and Phoenix
Phoenix to make payments or perform their operational or other
obligations to Athabasca in compliance with the terms of contractual
arrangements between Athabasca and such counterparties, including in
compliance with the time schedules set out in such contractual
arrangements, and the possible consequences thereof; failure to meet
the conditions precedent to the closing of the Dover put transaction;
risk of failing to complete a joint venture arrangement; dependence on
Phoenix as the joint venture participant in the Dover Oil Sands
Project, until such time as Athabasca's interests in the Dover assets
have been sold to Phoenix; failure to meet development schedules and
potential cost overruns; factors affecting potential profitability;
risks related to future acquisition and joint venture activities;
reliance on, competition for, loss of, and failure to attract key
personnel; risks inherent in Athabasca's operations, including those
related to exploration, development and production of petroleum,
natural gas and oil sands reserves and resources; environmental risks
and hazards; failure to accurately estimate abandonment and reclamation
costs; the potential for management estimates and assumptions to be
inaccurate; long term reliance on third parties; insurance risks;
claims made in respect of Athabasca's business, operations, properties
or assets; risks related to the Athabasca's amended credit facilities;
senior secured notes and term loans; and risks related to the
Athabasca's 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
