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, January 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

1
1

1.1 List of Tables
1.2 List of Figures
2 Athabasca Oil Sands to Sell Remaining 40% Interest in MacKay River Oil Sands Project to Cretaceous Oilsands
2.1 Deal Overview
2.2 Deal in Brief
2.3 Background of the Deal
2.4 Athabasca Oil Sands Selling its 40% Stake in the MacKay Joint Venture to Increase Cash Flow and Reduce Interest Burden
2.5 PetroChina is Expanding its Operations Globally
2.6 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer

1.1 List of Tables
Table 1: Athabasca Oil Sands, Asset Transactions, 2009 - January 3, 2012
Table 2: PetroChina and Subsidiaries, Investments, 2009 - 2011
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Target Information
Table 6: Acquirer Information
Table 7: Vendor Information

1.2 List of Figures
Figure 1: Athabasca Oil Sands, Canada, Cash and Interest, CAD millions, 2010 Q2 – 2011 Q3
Figure 2: Athabasca Oil Sands, Canada, Key Oil Sands Areas, 2011
Figure 3: Toronto Stock Exchange, Athabasca Oil Sands, Share Price, April 08, 2010 - January 09, 2012

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