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Wednesday, August 6, 2014

Athabasca says target deadline set for Dover deal with PetroChina, (TSE: ATH.TO)

Canada's Athabasca Oil Corp said on Wednesday a target closing deadline has been set on the C$1.23 billion takeover of the Dover oil sands project in northern Alberta by PetroChina Co Ltd's unit Phoenix Energy Holdings Ltd. In a second-quarter earnings call Athabasca said to avoid unnecessary focus on specific dates it would not provide further details on the timing, but a deadline had been set.Athabasca exercised a put option earlier in April to sell its 40 percent stake in the planned Dover oil sands project to partner Phoenix Energy.PetroChina was supposed to complete the acquisition in June, but delayed payment to reassess the deal amid a corruption probe.

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 655664.