Canadian oil sands producer Athabasca Oil Corp reported a bigger quarterly loss as it set aside C$49 million ($44.7 million) to settle some claims by PetroChina Co Ltd's Phoenix Energy Holdings Ltd.Athabasca exercised a put option earlier this year to sell its 40 percent stake in the planned Dover oil sands project to partner Phoenix Energy.The provision was for settling potential claims relating to future costs of abandoning oil and gas wells in the Dover and MacKay River areas in Alberta, Athabasca said on Wednesday.The amount and timing of any payment under the settlement was contingent on the successful closing of the deal.
Athabasca Oil Corporation, formerly Athabasca Oil Sands Corp. Shares of ATH fell by 2.7% or $-0.17/share to $6.12. 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 5678731.
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