Transaction Details: 

Athabasca Oil Corporation has announced that it has exercised its option to divest its 40% interest in the Dover Commercial Project to Phoenix Energy Holdings Limited 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.

Sveinung Svarte, President and CEO, said: "We have today opted to sell our remaining ownership in projects operated by Brion Energy.

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."