Athabasca Oil Corporation is pleased to provide an update on recent operational activities.
Athabasca achieved first oil at Hangingstone in July. The Company now has 15 well pairs on production with an additional six well pairs on circulation.
production has averaged 3,200 bbl/d to date in September with current production in excess of 4,000 bbl/d. Reservoir response, plant reliability and initial production ramp-up continues to meet management's expectations.
Athabasca has already achieved the low-end of its 2015 year-end Thermal Oil exit guidance of 3,000 - 6,000 bbl/d (December average). Production is expected to ramp up to the planned 12,000 bbl/d in Q4 2016 with no additional development capital required.