Athabasca Oil Corporation

Athabasca Oil Corporation in its acquisition of Norway’s Statoil ASA’s Canadian oilsands business


Athabasca Oil Corporation


$582 million


Mergers and Acquisitions

Date Closed

January 2017

Lead Office



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.

Peter Glossop - Foreign Investment Lawyer

Peter Glossop

Partner, Competition/Antitrust & Foreign Investment

Damian  Rigolo

Damian Rigolo

Partner, Employment & Labour

Miju Damodar

Miju Damodar

Associate, Corporate