Athabasca Oil Corp.
Surprise sale agreement includes Statoil’s six-year-old Leismer thermal oil sands project.
Major players says cost cutting measures, including major job reductions, are starting to show results.
Also, the company’s CEO Sveinung Svarte will retire on Sept. 30.
Sale will bring in $1.184 billion, $600 million of which has already been paid in cash.
Deal with PetroChina was announced in 2009 and would see the Chinese company own 60% of the McKay River and Dover oilsands projects.
Capital projects include construction of its Hangingstone oil sands project.
May depress the value of some Canadian firms, but only moderately.
TAGD steps up as a game changer.