Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta's Western Canadian Sedimentary Basin, the company has amassed a significant land base of extensive, high quality resources. Athabasca's common shares trade on the TSX under the symbol "ATH". Operations As of December 2009, Athabasca Oil Corporation owns leases and permits on in the Athabasca oil sands, but does not operate any commercial developments. As of June 2010, the company's reserves included an estimated of contingent resource (potentially recoverable oil) and of probable reserves. AOC sold 60% of two assets, included above, to PetroChina in 2009. AOC intends to produce oil through the steam-assisted gravity drainage (SAGD) method rather than through open-pit mining as older oil sands mines have. SAGD projects require less surface area than open-pit, but must consume additional energy for steam generation. Ownership The company's highly anticipated initial public offering (IPO) in early 2010 was the largest Canadian IPO since that of Manulife Financial in 1999, and North America's largest in 2010 (as of March 31). The sale, selling a 19% stake at per share, valued the company at around . The IPO's initial success was attributed in part to AOSC's 2009 asset sale to PetroChina, divesting 60% working interest in its Mackay River and Dover projects for . Following the IPO, AOC's share price dropped 33% in the first month of trading, making it Canada's worst-performing IPO since 2007. In 2017, Athabasca purchased the entirety of Statoil's oil sands assets as the Norwegian giant exited the oil sands, including a producing plant, an undeveloped project, and some midstream assets. AOC sold the midstream assets to Enbridge in 2018. Duvernay Formation AOC's share price rose dramatically following the announcement of a $US1.2 billion Duvernay Formation acreage joint venture between Encana and PetroChina. Athabasca Oil Corporation holds the largest publicly disclosed Duvernay Formation acreage rights (640,000 acres). Notes References External links Athabasca oil sands Oil companies of Canada Western Canadian Sedimentary Basin Companies based in Calgary Energy companies established in 2006 Non-renewable resource companies established in 2006 2006 establishments in Alberta Companies listed on the Toronto Stock Exchange Canadian companies established in 2006