Alberta Energy Regulator Approves Dover Commercial Project

CALGARY, Aug. 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) has been 
informed that the Alberta Energy Regulator (formerly ERCB) panel has approved 
the Dover Commercial Project subject to approval by the Lieutenant Governor in 
Council. The approval will be sent to the Alberta government cabinet for their 
consideration. The Dover Commercial Project is operated by Brion Energy 
Corporation, an operating company jointly owned by Athabasca and a wholly 
owned subsidiary of PetroChina. 
The in situ Dover Project has the potential to lead to the development and 
production of approximately 4.1 billion barrels of bitumen (management 
estimate). Within Alberta, the Dover Project is expected to generate over 
30,000 person-years of employment during construction and over 9,000 positions 
during its operating life. At full production capacity, the Project is 
expected to create an estimated $5.3 billion of economic activity per year, 
including over $1.5 billion of annual tax and royalty revenues for local, 
provincial and federal authorities. Next steps and a detailed timeline for the 
project are now being developed. 
The approval included conditions and recommendations typical of oil sands in 
situ projects and consistent with the terms and commitments contained in the 
application for approval. 
Athabasca is very appreciative of the substantial efforts of all contributors 
to this positive outcome - the regulators, the stakeholders and the employees. 
About Athabasca Oil Corporation 
Athabasca Oil Corporation is a dynamic, Canadian energy company with a diverse 
portfolio of thermal and light oil assets. Situated in Alberta's Western 
Canadian Sedimentary Basin, the Company has amassed a significant land base of 
extensive, high quality resources. With 10.6 billion barrels of bitumen 
resources (contingent resources, best estimate) and growing light oil 
production, Athabasca aspires to become a major oil producer. Athabasca's 
common shares trade 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, and its subsidiary, Brion Energy Corporation's ("Brion") current 
plans, objectives, goals, strategies, estimates, assumptions and projections 
about the Company's and Brion'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: the expected timing of full regulatory approval 
of the Dover project; the Company's and Brion's capital expenditure programs; 
the Company's and Brion's plans for, and results of, exploration and 
development activities; the Company's and Brion's estimated future 
commitments, business plans, and sanctioning of projects; the Company's and 
Brion's development of its Dover project; timing of facilities construction 
and timing of production; the use of in-situ recovery methods such as Steam 
Assisted Gravity Drainage (SAGD) for production of recoverable bitumen; long 
term production goals; timing of submission of regulatory applications; 
estimated timing of first steaming; the Company's and Brion's internal 
sanction for development of the Dover project; estimated initial and full 
production of the Dover project; the expected total work force required for 
the construction and operation of the Dover project; the expected number of 
jobs to be created by the Dover project; and the expected economic and other 
benefits to be realized from the Dover project. 
With respect to forward-looking information contained in this News Release, 
assumptions have been made regarding, among other things: the the Brion'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 Brion conducts and will conduct its 
business; the applicability of technologies for the recovery and production of 
the reserves and resources within the Dover project; future capital 
expenditures to be made by the Company and by Brion; future sources of funding 
for the Company's and Brion's capital programs; geological and engineering 
estimates; and the Company's and Brion'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 
Athabasca's most recent Annual Information Form filed on March 27, 2012 
("AIF") that is available on SEDAR at www.sedar.com, including, but not 
limited to: fluctuations in market prices for crude oil, natural gas and 
bitumen blend; general economic, market and business conditions; variations in 
foreign exchange and interest rates; factors affecting potential 
profitability; factors affecting funding, the priorities of the Company, Brion 
and of each of their respective current and future joint venture partners; 
general economic conditions; uncertainties inherent in estimating quantities 
of reserves and resources; uncertainties inherent in SAGD; 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 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; environmental risks and hazards and the 
cost of compliance with environmental regulations; failure to obtain or retain 
key personnel; the substantial capital requirements for the Dover project; the 
need to obtain regulatory approvals and maintain compliance with regulatory 
requirements; changes to royalty regimes; political risks; risks inherent in 
Brion's operations, including those related to exploration, development and 
production of oil sands reserves and resources, including the production of 
oil sands reserves and resources using SAGD; 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 Dover project assets; Aboriginal 
claims; seasonality; hedging risks; insurance risks; claims made in respect of 
Brion's operations, properties or assets; competition for, among other things, 
capital, the acquisition of reserves and resources, export pipeline capacity 
and skilled personnel; the failure of Brion or the holder of certain licenses 
or leases to meet specific requirements of such licenses or leases. 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.
 

SOURCE  Athabasca Oil Corporation 
Media Community Tammy Yamkowy Manager, Internal Communications 1-403- 817-8009 
tyamkowy@atha.com 
Financial Community Tracy Robinson Manager, Investor Relations 1-403- 532-7446 
trobinson@atha.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/August2013/06/c4399.html 
CO: Athabasca Oil Corporation
ST: Alberta
NI: OIL  
-0- Aug/07/2013 00:51 GMT
 
 
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