Athabasca Oil Corporation completed the acquisition of thermal oil assets from Statoil Canada Ltd., a wholly-owned subsidiary of Statoil ASA, for total consideration of $582 million. The consideration consisted of $431 million in cash (after closing adjustments), 100 million common shares of Athabasca and contingent value prices triggered at WTI oil prices above US$65/bbl. The acquired assets included the producing Leismer thermal oil project, the undeveloped Corner project and strategic regional infrastructure. The acquisition establishes Athabasca as an intermediate oil weighted growth company and the low decline production at Leismer will support capital requirements and economic growth at Athabasca’s other asset base areas.
Osler, Hoskin & Harcourt LLP represented Athabasca with a team led by Rob Desbarats and Janice Buckingham, and included Noralee Bradley, Peter Glossop, Damian Rigolo, Kevin Lemke and Miju Damodar.