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Athabasca Comments on Dover Commercial Oil Sands Project

Source: www.gulfoilandgas.com 4/24/2013, Location: North America

Athabasca Oil Corporation 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.

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