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Athabasca Oil Sands to Sell Remaining 40% Interest in MacKay River Oil Sands Project to Cretaceous Oilsands - Debt and Cash Management Step by Athabasca
GlobalData, Jan 2012, Pages: 8
Athabasca Oil Sands to Sell Remaining 40% Interest in MacKay River Oil Sands Project to Cretaceous Oilsands - Debt and Cash Management Step by Athabasca - Deal Analysis from GlobalData
Summary
Athabasca Oil Sands Corporation (Athabasca Oil Sands), an oil sands company, agreed to sell its remaining 40% interest in the MacKay River oil sands project in northern Alberta to Cretaceous Oilsands Holdings Limited (Cretaceous), a wholly-owned subsidiary of PetroChina International Investment Limited (PetroChina), for a cash consideration of CAD 680m ($666.46m). This is subject to closing adjustments, including Athabasca's repayment of two loans provided by Cretaceous.
The divestment will enable Athabasca Oil Sands to enhance its long-term prospects, allowing the company to deploy its capital and resources into other development projects, and achieve approximately 50% of its production from its oil sands division and the balance from the light oil division.
Scope
- Rationale behind Athabasca Oil Sands Corporation selling remaining 40% stake in Mackay River Oil Sands Project to PetroChina
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada
Reasons to buy
- Develop a sound understanding of the major acquisition, M&A's, Partnerships, and Joint Ventures taking place in Canada's oil and gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Canada's oil sands market
- Get a detailed analysis of the deal to enable you to take better decisions
Keywords
Athabasca Oil Sands Corporation, MacKay River oil sands project, Alberta, Cretaceous Oilsands Holdings Limited, PetroChina International Investment Limited, Athabasca Oil Sands, oil sands, light oil
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