Athabasca Oil Corporation reports a significant increase in bitumen contingent resources and light oil reserves, and assigns 51

Athabasca Oil Corporation reports a significant increase in bitumen contingent 
resources and light oil reserves, and assigns 51 million barrels of proved 
reserves at Hangingstone 
CALGARY, March 28, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) announces 
that it has filed its Annual Information Form dated March 28, 2013, which can 
be retrieved electronically from the Company's website ( or from 
Athabasca is also pleased to report the highlights of an independent reserves 
and resources evaluation, conducted by GLJ Petroleum Consultants Ltd. and 
DeGolyer MacNaughton Canada Limited, of the Company's thermal and light oil 
assets, at December 31, 2012. 
Highlights include: 

    --  Reclassification of 51 million barrels ("bbl") of
        Hangingstone's probable bitumen reserves to the proved reserve
        category, based upon receipt of regulatory approvals and
        project sanctioning by the Company's Board of Directors;
    --  Contingent bitumen resources (best estimate) increased,
        year-over-year, by approximately eight percent to 10.6 billion
        bbl of bitumen;
    --  Proved plus probable bitumen reserves increased over the
        previous year's estimate of 339 million bbl of bitumen (net of
        the disposition of the MacKay River Joint Venture), to an
        estimated 342 million bbl; and
    --  Light oil reserves increased by approximately 139 percent,
        year-over-year, from 9.2 million barrels of oil equivalent
        ("boe") of proved plus probable reserves to 22.0 million boe
        proved of plus probable reserves.

Thermal Oil Division

In 2012, Athabasca received regulatory approvals to construct the Hangingstone 
Project 1, a 12,000 bbl/d SAGD project. The Company's Board of Directors 
subsequently sanctioned the Hangingstone Project 1, triggering the 
reclassification of 51 million bbl of Hangingstone's probable reserves to the 
proved reserve category, effective December 31, 2012.

The Hangingstone project area is comprised of 136,000 acres of oil sands 
leases which, based upon an independent engineering estimate, at December 31, 
2012, contain 51 million bbl of proved reserves, 66 million bbl of probable 
reserves and 0.9 billion bbl of contingent resources (best estimate).

Year-over-year additions to the Thermal Oil Division's reserves and resources 
reflect the successful results of the 2011-2012 Winter Drilling and Seismic 
Program which further delineated the bitumen deposits.

In March 2012, Athabasca closed the sale of its remaining 40-percent interest 
in the MacKay River Joint Venture to Cretaceous Oilsands Holdings Limited, 
which subsequently amalgamated with Phoenix Energy Holdings Limited, a 
wholly-owned subsidiary of PetroChina Company International Limited. The sale 
resulted in the divestiture of a combined 114 million bbl of proved plus 
probable reserves and 573 million bbl (best estimate) of contingent resources.

At Dover West, Athabasca acquired oil sands leases which contained 
approximately 1.0 billion bbl of contingent resources (best estimate), at 
December 31, 2012.

|Thermal Oil Reserves and Resources at December 31, 2012           |
|                |  Reserves (millions of barrels) |    Resources  |
|                |                                 |  (billions of |
|                |                                 |    barrels)   |
|Field           |Proved|Probable|Proved + Probable|  Contingent   |
|                |      |        |                 |(best estimate)|
|Hangingstone    | 51.4 |   66.2 |         117.6   |         0.9   |
|Dover West Sands|   -  |   87.0 |         87.0    |         3.0   |
|Dover West Carb.|   -  |     -  |            -    |         3.0   |
|Birch           |   -  |     -  |            -    |         2.1   |
|Grosmont        |   -  |     -  |            -    |         0.4   |
|Dover           |   -  |  137.6 |         137.6   |         1.2   |
|Total           | 51.4 |  290.8 |         342.2   |        10.6   |
    Light Oil Division

At December 31, 2012, the Light Oil Division's reserves increased, 
year-over-year, from 9.2 million boe of proved plus probable ("2P") reserves 
to 22.0 million boe proved plus probable reserves. This 139-percent, 
year-over-year increase in Athabasca's 2P reserves reflects a successful 
drilling and completion program in 2012 which targeted stacked (or multi-zone) 
unconventional reservoirs in the Duvernay and Montney formations.

At year-end, the Light Oil Division had established production from 33 
horizontal wells in the Fox Creek area (Kaybob East, Kaybob West and 
Saxon/Placid). Production facilities were commissioned in late 2012, limiting 
the reporting period for well production histories. Artificial lift has now 
been installed on the majority of the new wells, which is expected to 
stabilize production rates.

As production trends and type curves are established in 2013, the Company 
expects to prove reservoir recoveries and additional 2P reserves. Additional 
wells were drilled in late 2012, but were not completed or tested prior to 
year-end - production from these new wells is expected to contribute 
additional 2P reserves in 2013. At year end 2012, Athabasca had just 30 
percent of its proven light oil reserves classified as Proven Undeveloped 
(PUD) locations.

Athabasca's strategy has been to secure egress and maximized net backs for its 
product. As such, the Company invested a significant amount to construct 
wholly owned infrastructure in the Kaybob and Simonette areas during 2012, 
thereby reducing future costs, on a boe basis, as production increases. The 
control of infrastructure is expected to provide the Company with the 
flexibility to blend and market crude oil and condensate, according to market 
demands, thereby increasing net backs. Athabasca's 2012 capital program of 
$611 million included approximately $189 million for facilities and $27 
million for the acquisition of petroleum and natural gas leases. The Company's 
2013 capital budget includes an additional $38 million to construct the 
infrastructure associated with year-end 2P reserves.

Athabasca expects to realize future cost reductions as it moves down the 
learning curve, primarily through the drilling of multi-wells from single 
pads. By leveraging its fixed operating costs - along with the ability to 
blend oil with Duvernay condensate - the Company expects to receive a premium 
netback for its product. These factors should provide for a very competitive 
finding and development and recycle ratio for future development plans at Fox 

|                   Light Oil Reserves at December 31, 2012       |
|                |Reserves (millions of barrels of oil equivalent)|
|                |Proved|Probable|           Proved + Probable    |
|Kaybob          |  8.3 |   6.7  |                     15.0       |
|Saxon Placid    |  2.7 |   4.0  |                     6.7        |
|Exploration Area|  0.2 |   0.1  |                     0.3        |
|Total           | 11.2 |   10.8 |                     22.0       |

Athabasca's resources and reserves are situated within a land base that is 
comprised of greater than 1.5 million acres (net) of oil sands leases and 
permits held by the Thermal Light Oil Division and greater than 2.8 million 
acres (net) of petroleum and natural gas leases held by the Light Oil 
Division. During the past year, the Company's combined Thermal Oil and Light 
Oil land base increased by approximately 19 percent, from 3.6 to approximately 
4.3 million acres (net). 
About Athabasca Oil Corporation 
Athabasca is a dynamic, Canadian exploration and production company focused on 
the development of oil resource plays in Alberta, Canada. The Company has 
accumulated an extensive, high quality resource base suitable for the 
extraction of thermal crude oil (bitumen) and light oil. Well financed and 
well endowed with quality assets and talented people, Athabasca is poised to 
become a major Canadian oil producer. It aspires to produce more than 200,000 
boe/d by 2020, comprised of a 50/50 weighting of thermal and light oil. 
Athabasca is traded on the TSX under the symbol "ATH." 
Reader Advisory: 
This News Release contains forward-looking information that involves various 
risks, uncertainties and other factors. All information other than statements 
of historical fact is forward-looking information. The use of any of the words 
"anticipate," "plan," "continue," "estimate," "expect," "may," "will," 
"project," "should," "believe," "predict," "pursue" and "potential" and 
similar expressions are intended to identify forward-looking information. The 
forward-looking information is not historical fact, but rather is based on the 
Company's current plans, objectives, goals, strategies, estimates, assumptions 
and projections about the Company's industry, business and future financial 
results. This information involves known and unknown risks, uncertainties and 
other factors that may cause actual results or events to differ materially 
from those anticipated in such forward-looking information. No assurance can 
be given that these expectations will prove to be correct and such 
forward-looking information included in this News Release should not be unduly 
relied upon. This information speaks only as of the date of this News Release. 
In particular, this News Release may contain forward-looking information 
pertaining to the following: expected timing of receipt of first significant 
revenues from the Company's assets; the Company's capital expenditure 
programs; the estimated quantity of the Company's and Proved and Probable 
Reserves and Contingent Resources; the Company's drilling plans; the Company's 
plans for, and results of, exploration and development activities; the 
Company's estimated future commitments; business plans; development of the 
Company's Thermal Oil Division and Conventional Oil and Gas Division projects; 
timing of facilities commissioning and the receipt of the expected benefits 
therefrom: timing of production; the use of in-situ recovery methods such as 
Steam Assisted Gravity Drainage (SAGD) and Thermal Assisted Gravity Drainage 
(TAGD) for production of recoverable bitumen, including the potential benefits 
of such methods; targeted exit rate production for the first half of 2013 and 
beyond, and long term production goals; timing of submission of project 
regulatory applications; estimated timing of first steaming, selection of 
equipment manufactures and internal sanction, as applicable, of the Company's 
projects; estimated initial and full production of the Company's projects; 
Athabasca's plans with respect to the Light Oil Division's assets and the 
expected benefits to be received by Athabasca from such assets; expectations 
regarding the Company's Light Oil Division development areas including 
anticipated production levels and timing of receipt of significant revenues 
and operating results therefrom; and expected increase to number of staff 
members in 2013. 
With respect to forward-looking information contained in this News Release, 
assumptions have been made regarding, among other things: the Company's 
ability to obtain qualified staff and equipment in a timely and cost-efficient 
manner; the regulatory framework governing royalties, taxes and environmental 
matters in the jurisdictions in which the Company conducts and will conduct 
its business; the applicability of technologies for the recovery and 
production of the Company's reserves and resources; future capital 
expenditures to be made by the Company; future sources of funding for the 
Company's capital programs; the Company's future debt levels; geological and 
engineering estimates in respect of the Company's reserves and resources; the 
geography of the areas in which the Company is conducting exploration and 
development activities; the impact that the agreements relating to the 
PetroChina Transaction (the "PetroChina Transaction Agreements") will have on 
the Company, including on the Company's financial condition and results of 
operations; and the Company's ability to obtain financing on acceptable terms. 
Actual results could differ materially from those anticipated in this 
forward-looking information as a result of the risk factors set forth in the 
Company's most recent Annual Information Form filed on March 28, 2013 ("AIF") 
that is available on SEDAR at, including, but not limited to: 
fluctuations in market prices for crude oil, natural gas and bitumen blend; 
general economic, market and business conditions; dependence on Phoenix Energy 
Holdings Limited (" Phoenix") as the joint venture participant in the Dover 
oil sands projects; variations in foreign exchange and interest rates; factors 
affecting potential profitability; factors affecting funding, including the 
development of new business opportunities, the availability of financing, 
developments in technology, the priorities of the Company and of its current 
and future joint venture partners and general economic conditions; risk of 
reassessments of the Company's tax filings by taxation authorities; failure to 
satisfy certain conditions in connection with the Company's debt and credit 
facilities; uncertainties inherent in estimating quantities of reserves and 
resources; uncertainties inherent in SAGD and TAGD; the potential impact of 
the exercise of the Dover put/call options on the Company; failure to meet the 
conditions precedent to the exercise by the Company of the Dover put option, 
including failure to obtain necessary regulatory approvals for completion of 
the Dover put/call option transaction in 2013 or at all; failure to obtain 
regulatory approval for the Dover West Sands project, Dover West TAGD Pilot 
project or other oil sands projects when anticipated or at all; failure to 
meet development schedules and potential cost overruns; increases in operating 
costs making projects uneconomic; the effect of diluent and natural gas supply 
constraints and increases in the costs thereof; gas over bitumen issues 
affecting operational results; the potential for adverse consequences in the 
event that the Company defaults under certain of the PetroChina Transaction 
Agreements; environmental risks and hazards and the cost of compliance with 
environmental regulations; failure to obtain or retain key personnel; the 
substantial capital requirements of the Company's projects; the need to obtain 
regulatory approvals and maintain compliance with regulatory requirements; 
changes to royalty regimes; political risks; failure to accurately estimate 
abandonment and reclamation costs; risks inherent in the Company's operations, 
including those related to exploration, development and production of oil 
sands, crude oil and natural gas reserves and resources, including the 
production of oil sands reserves and resources using SAGD and TAGD and the 
production of crude oil and natural gas using multi-stage fracture and other 
stimulation technologies; the potential for management estimates and 
assumptions to be inaccurate; reliance on third party infrastructure for 
project facilities; failure by counterparties (including without limitation 
Phoenix) to comply with contractual arrangements between the Company and 
such counterparties; the potential lack of available drilling equipment and 
limitations on access to the Company's assets; Aboriginal claims; seasonality; 
hedging risks; insurance risks; claims made in respect of the Company's 
operations, properties or assets; the potential for adverse consequences as a 
result of the change of control provisions in the PetroChina Transaction 
Agreements; competition for, among other things, capital, the acquisition of 
reserves and resources, export pipeline capacity and skilled personnel; the 
failure of the Company or the holder of certain licenses or leases to meet 
specific requirements of such licenses or leases; risk of reassessments of the 
Company's tax filings by taxation authorities; risks arising from future 
acquisition and joint venture activities; risks that joint venture 
arrangements will not perform as expected; volatility in the market price of 
the common shares; and the effect that the issuance of additional securities 
by the Company could have on the market price of the common shares. 
In addition, information and statements in this News Release relating to 
"reserves" and "resources" are deemed to be forward-looking information, as 
they involve the implied assessment, based on certain estimates and 
assumptions, that the reserves and resources described exist in the quantities 
predicted or estimated, and that the reserves and resources described can be 
profitably produced in the future. The assumptions relating to the Company's 
reserves and resources are contained in the reports of GLJ Petroleum 
Consultants Ltd. and DeGolyer and MacNaughton Canada Limited, each dated 
effective December 31, 2012. For additional information regarding the specific 
contingencies which prevent the classification of the Company's Contingent 
Resources as Reserves see "Independent Reserve and Resource Evaluations - 
Contingent Resources Estimates" in the AIF. The estimates of reserves and 
future net revenue for individual properties in this New Release may not 
reflect the same confidence level as estimates of reserves and future net 
revenue for all properties, due to the effects of aggregation. "Contingent 
Resources" has the meaning given to that term in the AIF. 
The forward-looking statements included in this News Release are expressly 
qualified by this cautionary statement. Athabasca does not undertake any 
obligation to publicly update or revise any forward-looking statements except 
as required by applicable securities laws. 
Oil and Gas Information:
"BOEs" may be misleading, particularly if used in isolation. A BOE 
conversion ratio of six thousand cubic feet of natural gas to one barrel of 
oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion 
method primarily applicable at the burner tip and does not represent a value 
equivalency at the wellhead. 
Media and Financial Community  Andre De Leebeeck Vice President, 
Investor Relations and External Communications (403) 817-8048   
Financial Community Tracy Robinson Manager, Investor Relations (403) 532-7446   
SOURCE: Athabasca Oil Corporation 
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CO: Athabasca Oil Corporation
ST: Alberta
-0- Mar/28/2013 12:00 GMT
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