Athabasca Oil Corporation

Athabasca Oil Corporation in the sale of its Leismer pipeline and Cheecham storage terminal to Enbridge

Client

Athabasca Oil Corporation

Value

$265 million

Service

Mergers and Acquisitions

Date Closed

January 2019

Industry

Energy (Oil & Gas)

Lead Office

Calgary


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).


Team
Peter Glossop - Foreign Investment Lawyer

Peter Glossop

Partner, Competition/Antitrust & Foreign Investment