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Athabasca Plans Duvernay, Montney Activity in 2013
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Athabasca Oil Corporation has detailed its 2013 capital budget and production guidance.
The Company plans to invest $798 million to develop its Light Oil and Thermal Oil assets in Alberta. Capital expenditures will be financed from cash-on-hand, low-interest debt and cash flow from production. Athabasca reaffirms that it is on track to exit 2012 with 10,000 to 11,000 barrels of oil equivalent per day (boe/d) from its assets in the liquids-rich Deep Basin.
Positioning the Company for growth, the 2013 capital investment includes $236 million for organically driven exploration and production (E&P) activities in the Light Oil Division and $533 million to advance Athabasca's various Thermal Oil assets, including the construction of its wholly-owned Hangingstone Project 1, a 12,000 barrel per…
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