On December 10, 2018, Athabasca Oil Corporation announced the sale of its Leismer pipeline and Cheecham storage terminal to Enbridge and negotiations of priority transportation and storage services agreements on such pipelines and tanks.
This transaction unlocked value for shareholders while preserving strategic flexibility for the long term development of Athabasca’s high quality Leismer and Corner assets and will significantly bolster Athabasca Oil’s liquidity, reduce net debt, and improve financial resiliency.
Athabasca Oil Corporation focuses on the sustainable development of light oil and thermal oil resources in the Athabasca oil sands region of north-eastern Alberta.
Osler, Hoskin & Harcourt LLP represented Athabasca Oil with a team led by Janice Buckingham (Energy) that also included Peter Glossop (Competition/Antitrust).