As previously reported, on August 6, 2013 the Alberta Energy Regulator (AER) approved the Dover Commercial Project noting that “the Project represents an economic opportunity, not only for Dover but also for Alberta, and will have a positive impact on the Province’s economy”.
The Fort McKay First Nation (FMFN) has filed a notice seeking permission from the Court of Appeal of Alberta to appeal the AER’s decision. Athabasca expects that submissions relating to this application will be pursued over the next two months, subject to the Court’s calendar.
The Dover Commercial Project, which is operated by Brion Energy Corporation, is a joint venture between Athabascaand Phoenix Energy Holdings Limited (Phoenix).
“We are not surprised by FMFN’s decision to seek permission to appeal the Alberta Energy Regulator decision. This is a right they have under Alberta’s Responsible Energy Development Act. The Alberta Energy Regulator decision was made after a public hearing where all parties’ arguments were carefully considered resulting in a favourable decision,” said Sveinung Svarte, AOC’s president and chief executive officer. Notwithstanding the application for leave to appeal, we expect that the final approval process will continue to progress, including receipt of Order in Council and approval from Alberta Environment.
About Athabasca Oil Corporation
Athabasca Oil Corporation is a dynamic, Canadian energy company with a diverse portfolio of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. With 10.6 billion barrels of bitumen resources (contingent resources, best estimate) and growing light oil production, Athabasca is positioned to become a major oil producer. Athabasca’scommon shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.
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”, ” “expect”, “may”, “would”, “will”, “believe”, ” 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 assumptions and expectations regarding the regulatory approval process in respect of the Dover Commercial Project. 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 assumption and 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 expected process for, and timing of receipt of, regulatory and government approvals for the Dover Commercial Project; With respect to forward-looking information contained in this News Release, assumptions have been made regarding the regulatory framework in Alberta and the impact that the agreements that are between Athabasca and Phoenix in respect of the Dover Commercial Project will have on the Company. Actual results could differ materially from those anticipated in this forward-looking information.
SOURCE Athabasca Oil Corporation
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