Athabasca Oil Corporation Comments on the Public Hearing for the Dover Commercial Oil Sands Project

CALGARY, April 24, 2013 /CNW/ – Athabasca Oil Corporation (TSX:  ATH) is responding to a request from Investment Industry Regulatory Organization of Canada (IIROC) to comment on recent market activity involving its shares, which may be related to recent newspaper articles about yesterday’s commencement of the previously disclosed public hearing by the Energy Resources Conservation Board (“ERCB”) in Fort McMurray, Alberta in respect of the Dover Commercial Oil Sands Project.

Dover Operating Corp. (“Dover OpCo”), a joint venture between Phoenix Energy Holdings Limited, a wholly owned subsidiary of Petrochina International Investment Company Limited (60 percent ownership) and Athabasca (40 percent ownership), is presenting its technical case to the ERCB in support of the Dover Commercial Project.

The Dover Commercial Project, a 250,000 bbl/d SAGD project, which is planned to be produced by Steam Assisted Gravity Drainage (“SAGD”) production technology, is comprised of five, 50,000 bbl/d phases.

Dover OpCo requested that the ERCB hold a public hearing to resolve a statement of concern filed by the Fort McKay First Nation regarding the Dover Commercial Project. The ERCB has developed a well-established public hearing process in Alberta and Dover OpCo is seeking a decision through this public hearing process supporting the Dover Commercial Project.

Athabasca is not aware of any material information regarding the ERCB Dover Commercial Project hearing that is not otherwise publically available. Athabasca’s policy is not to comment on rumours or speculation and accordingly, it does not intend to comment further.

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “should,” “believe,” “predict,” “pursue” and “potential” and similar expressions are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release may contain forward-looking information pertaining to the Company’s business plans and regulatory approvals in respect of its projects including the ERCB public hearing regarding the Dover Commercial Project and the potential outcome thereof. Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s most recent Annual Information Form dated March 28, 2013(“AIF”) that is available on SEDAR at www.sedar.com, The forward-looking statements included in this News Release are expressly qualified by this cautionary statement. Athabasca does not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.

SOURCE: Athabasca Oil Corporation