Aug 13 - Alberta Energy Regulator Approves Dover Commercial Project

Source Press Release
Company Athabasca Oil CorporationPetroChina 
Tags Oil Sands, Production/Development, Upstream Activities, Unconventional Resources
Date August 08, 2013

Athabasca Oil Corporation (TSX: ATH) has been informed that the Alberta Energy Regulator (formerly ERCB) panel has approved the Dover Commercial Project subject to approval by the Lieutenant Governor in Council. The approval will be sent to the Alberta government cabinet for their consideration. The Dover Commercial Project is operated by Brion Energy Corporation, an operating company jointly owned by Athabasca and a wholly owned subsidiary of  PetroChina.

The in situ Dover Project has the potential to lead to the development and production of approximately 4.1 billion barrels of bitumen (management estimate). Within Alberta, the Dover Project is expected to generate over 30,000 person-years of employment during construction and over 9,000 positions during its operating life. At full production capacity, the Project is expected to create an estimated $5.3 billion of economic activity per year, including over $1.5 billion of annual tax and royalty revenues for local, provincial and federal authorities. Next steps and a detailed timeline for the project are now being developed.

The approval included conditions and recommendations typical of oil sands in situ projects and consistent with the terms and commitments contained in the application for approval.

Athabasca is very appreciative of the substantial efforts of all contributors to this positive outcome - the regulators, the stakeholders and the employees.

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