Canada's Athabasca Oil Corp reported a bigger quarterly loss Wednesday as it set aside funds for future costs, but shares climbed on indications it had set a date for a delayed takeover of its Dover oil sands project in Alberta.Shares of the oil sands producer surged as much as 4.8 percent after Athabasca Chief Executive and President Sveinung Svarte said Wednesday a C$1.23 billion deal with PetroChina Co Ltd to complete its takeover of the Dover project would close within a "reasonable time frame."He declined to provide further details on the timing or reasons for the delay.PetroChina was supposed to have completed the acquisition in June, but delayed payment amid a government-led corruption investigation into the Chinese national oil company.
Athabasca Oil Corporation, formerly Athabasca Oil Sands Corp. Shares of ATH traded higher by 3.27% or $0.2/share to $6.32. In the past year, the shares have traded as low as $5.47 and as high as $8.84. On average, 1971120 shares of ATH.TO exchange hands on a given day and today's volume is recorded at 1423446.
PetroChina Company Limited is mainly engaged in the production and sale of oil and gas related products. Shares of PTR traded higher by 0.27% or $0.35/share to $129.94. In the past year, the shares have traded as low as $94.75 and as high as $140.88. On average, 133667 shares of PTR exchange hands on a given day and today's volume is recorded at 40431.
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