Athabasca Oil Sands Corp

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  4. Athabasca Oil Sands
  5. Companies based in Calgary
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  8. Oil companies of Canada
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Athabasca Oil Sands Corp.
Type Public
Traded as TSX: ATH
Industry Oil sands
Founded Canada (2006)
Headquarters Calgary, Alberta, Canada
Key people Sveinung Svarte (CEO)
Employees 60 (2010)[1]
Website www.aosc.com

Athabasca Oil Sands Corp (AOSC) is a Canadian oil company based in Calgary, Alberta. The company owns or has interests in leases in the Athabasca oil sands of northeastern Alberta.

Operations

As of December 2009, Athabasca Oil Sands Corp owns leases and permits on 1,570,000 acres (6,400 km2) in the Athabasca oil sands, but does not operate any commercial developments.[2] As of June 2010, the company's reserves included an estimated 8.6 billion barrels of contingent resource (potentially recoverable oil) and 114 million barrels of probable reserves.[3] AOSC sold 60% of two assets, included above, to PetroChina in 2009.

AOSC intends to produce oil through the steam-assisted gravity drainage (SAGD) method rather than through open-pit mining as older oil sands mines have.[4] SAGD projects require less surface area than open-pit, but must consume additional energy for steam generation.[4]

Ownership

The company's highly-anticipated[5] initial public offering (IPO) in early 2010 was the largest Canadian IPO since that of Manulife Financial in 1999, and North America's largest in 2010 (as of March 31).[6] The sale, selling a 19% stake at C$18 per share, valued the company at around C$7 billion.[6]

The IPO's initial success was attributed in part to AOSC's 2009 asset sale to PetroChina, divesting 60% working interest in its Mackay River and Dover projects for C$1.9 billion.[5][7][8]

Following the IPO, AOSC's share price dropped 33% in the first month of trading, making it Canada's worst-performing IPO since 2007.[9]

References

  1. ↑ "Athabasca Oil Sands Corporation (Public, TSE:ATH)". Google Finance Canada. http://www.google.ca/finance?q=TSX:ATH. Retrieved 2010-06-12.
  2. ↑ "Company Profile for Athabasca Oil Sands Corporation". Reuters. Archived from the original on 2010-06-12. http://www.webcitation.org/5qROJ5yOz. Retrieved 2010-06-12.
  3. ↑ Healing, Dan (2010-06-11). "Athabasca Oil Sands boosts resource estimate". Calgary Herald. http://www.calgaryherald.com/business/Athabasca+Sands+boosts+resource+estimate/3139880/story.html. Retrieved 2010-06-12.[dead link]
  4. ↑ 4.0 4.1 Tait, Carrie (2010-03-31). "Athabasca IPO sign of oil sands endorsement". Financial Post. http://www.financialpost.com/news-sectors/energy/story.html?id=2749900. Retrieved 2010-06-12.
  5. ↑ 5.0 5.1 Milstead, David (2010-03-22). "Pre-IPO bonanza for Athabasca backers". Report on Business. http://www.theglobeandmail.com/report-on-business/pre-ipo-bonanza-for-athabasca-backers/article1507667/. Retrieved 2010-06-12.
  6. ↑ 6.0 6.1 Alexander, Doug (2010-03-31). "Athabasca Oil Sands Raises C$1.35 Billion in IPO (Update2)". Bloomberg. Archived from the original on 2010-06-12. http://www.webcitation.org/5qRLnmm3H. Retrieved 2010-06-12.
  7. ↑ Tait, Carrie (2009-08-31). "PetroChina takes $1.9-billion stake in oil sands". Financial Post. http://www.financialpost.com/PetroChina+takes+billion+stake+sands/1947720/story.html. Retrieved 2010-06-12.
  8. ↑ "PetroChina offers $2B for oilsands stake". CBC News. 2009-08-31. http://www.cbc.ca/money/story/2009/08/31/petrochina-athabasca.html. Retrieved 2010-06-12.
  9. ↑ Alexander, Doug (2010-05-12). "Athabasca Oil Sands Is Worst Performing Canadian IPO Since 2007". Bloomberg Businessweek. http://www.businessweek.com/news/2010-05-12/athabasca-oil-sands-is-worst-performing-canadian-ipo-since-2007.html. Retrieved 2010-06-12.

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