Athabasca Oil Sands Corp exercised its option to sell its 40 percent stake in the MacKay River oil sands project to a unit of PetroChina for C$680 million to focus on developing other projects.The Calgary, Alberta-based company reiterated its production guidance of 8,000-10,000 barrels of oil equivalent per day (boepd) by the end of this year, but cut its capital budget by about C$190 million as a result of the sale.It had planned to spend C$203 million of its capital budget of C$700 million on the Mackay River project.Athabasca plans to use the proceeds to further its strategy of boosting oil sands' share in total production to 50 percent, with the rest coming from its light oil division.
Athabasca Oil Sands Corp. (Athabasca) is a Canada-based company, which focuses on the exploration for, and development and production of, bitumen from oil sands in the Athabasca region of northeastern Alberta, Canada. Shares of ATH traded higher by 3.52% or $0.44/share to $12.93. In the past year, the shares have traded as low as $9.62 and as high as $18.95. On average, 1306980 shares of ATH.TO exchange hands on a given day and today's volume is recorded at 588717.
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