Athabasca Oil Corporation Provides Clarification on the Closing of the Dover Put Transaction

Athabasca Oil Corporation Provides Clarification on the Closing of the Dover 
Put Transaction 
CALGARY, July 28, 2014 /CNW/ - In light of recent market speculation and 
investor queries Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "the 
Company") is providing clarification on the status of the transaction relating 
to the Dover Put Option, which it exercised on April 17, 2014. The Company 
confirms that it continues to work with Phoenix Energy Holdings Limited to 
close the transaction in accordance with the terms of the Put/Call Option 
Agreement. Athabasca will update the market on material developments. 
About Athabasca Oil Corporation 
Athabasca Oil Corporation is a 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. Athabasca's common shares trade on the TSX 
under the symbol "ATH". For more information, visit 
Reader Advisory: 
This News Release contains forward-looking information about the Company's 
anticipated timing of closing of the Dover Put Transaction and the outcome of 
the Company's discussions with Phoenix regarding the Put/Call Option 
Agreement. This information involves various risks, uncertainties and other 
factors. All information other than statements of historical fact is 
forward-looking information. The forward-looking information is not historical 
fact, but rather is based on the Company's current plans, objectives, goals, 
strategies, assumptions and projections about the Dover Put Transaction. 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. 
With respect to forward-looking information contained in this News Release, 
assumptions have been made regarding, among other things: Phoenix's timelines 
with respect to closing the Dover Put Transaction; and the impact that the 
agreements relating to the PetroChina transaction (the "PetroChina Transaction 
Agreements"), including the Put/Call Option Agreement will have on the 
Company, including on the Company's financial condition and results of 
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 Annual Information Form dated March 18, 2014 that is available on 
SEDAR at including, but not limited to: the substantial capital 
requirements of Athabasca's projects and the ability to obtain financing for 
Athabasca's capital requirements; the potential for adverse consequences in 
the event that Athabasca defaults under certain of the PetroChina Transaction 
Agreements; failure by counterparties (including, without limitation, 
PetroChina International and Phoenix Phoenix to make payments or perform their 
operational or other obligations to Athabasca in compliance with the terms of 
contractual arrangements between Athabasca and such counterparties, including 
in compliance with the time schedules set out in such contractual 
arrangements, and the possible consequences thereof; failure to meet the 
conditions precedent to the closing of the Dover put transaction; risk of 
failing to complete a joint venture arrangement; dependence on Phoenix as the 
joint venture participant in the Dover Oil Sands Project, until such time as 
Athabasca's interests in the Dover assets have been sold to Phoenix; failure 
to meet development schedules and potential cost overruns; factors affecting 
potential profitability; risks related to future acquisition and joint venture 
activities; reliance on, competition for, loss of, and failure to attract key 
personnel; risks inherent in Athabasca's operations, including those related 
to exploration, development and production of petroleum, natural gas and oil 
sands reserves and resources; environmental risks and hazards; failure to 
accurately estimate abandonment and reclamation costs; the potential for 
management estimates and assumptions to be inaccurate; long term reliance on 
third parties; insurance risks; claims made in respect of Athabasca's 
business, operations, properties or assets; risks related to the Athabasca's 
amended credit facilities; senior secured notes and term loans; and risks 
related to the Athabasca's common shares. 
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 and Financial Community  Matthew Taylor Vice President, Capital 
Markets and Communications 1-403-817-9104 
 Financial Community Tracy Robinson Manager, Investor Relations 1-403-532-7446   
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CO: Athabasca Oil Corporation
ST: Alberta
-0- Jul/28/2014 10:00 GMT
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