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Athabasca closes sale of Dover oilsands stake

Canadian Press, The Canadian Press
0 Comments| August 29, 2014

CALGARY - Athabasca Oil Corp. (TSX:ATH) says it has finally closed the sale of its Dover oilsands stake to a Canadian unit of PetroChina.

With total proceeds of $1.184 billion, Athabasca says it can now focus on other projects and start a new chapter in its history.

Athabasca says it has received a cash payment of $600 million as well as a commitment to receive the rest of the amount in three separate payments over the next two years.

The Calgary-based company plans to provide a strategic update over the next few weeks, including revised guidance and spending plans.

Trading in Athabasca shares had been halted pending news before the announcement.

Athabasca had been aiming to close the deal by mid-year and the delays had been weighing on its stock price.

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