Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/by_province/americans_offshore/canada_/athabasca-closes-sale-of-its-40-interest-in-the-ma.shtmlAthabasca closes sale of its 40% interest in the MacKay River oil sands project
Athabasca Oil Sands Corp. has closed the previously announced sale of its 40% interest in the MacKay River oil sands project to Cretaceous Oilsands
Athabasca Oil Sands Corp. has closed the previously announced sale of its 40% interest in the MacKay River oil sands project to Cretaceous Oilsands Holdings Limited, a wholly owned subsidiary of PetroChina International Investment Limited, for cash consideration of $680 million (Cdn.), net $200 million (Cdn.) after closing adjustments and Athabasca's repayment of two loans provided by Cretaceous. As a result of the sale of its MacKay River interest, Athabasca has retired all outstanding debt.
Athabasca retains a 40% interest in the Dover commercial oil sands project. The Dover development work is being carried out by Dover Operating Corp., a company jointly owned by Athabasca (40%) and Cretaceous Oil Sands Holdings Limited (60%). An application for a 50,000 bbl/d oil sands project on Dover was submitted in December, 2010.