General News | Oil Sands | Deals - Acquisition, Mergers, Divestitures
Athabasca Picks Up $139MM; Dover Oilsands Deal
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Athabasca Oil Corporation has received payment of $139 million from Phoenix Energy Holdings Limited (now known as Brion Energy Corp.).
The promissory note relates to Athabasca’s prior sale of its 40% interest in the Dover oil sands project to Brion, which closed on August 29, 2014.
The Company currently has approximately $608 million in available cash and cash equivalents, an $83 million net cash position and maintains an undrawn $45 million revolving credit facility. Liquidity is further supported by the remaining $214 million Duvernay capital carry balance whereby Murphy will fund 75% of the Company’s 30% working interest on the first $1 billion of investment ($75 million net exposure) over the next four to five years in this play.
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