Athabasca Oil Signs Letter of Intent for Oil-Sands Venture
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Athabasca Oil Corp., a Canadian crude producer, has signed a letter of intent to pursue a joint venture for its Hangingstone and Birch properties as the company seeks to develop its oil-sands assets and boost output.
Athabasca didn’t comment on the size of the potential transaction or its partner in a statement today. Athabasca’s shares were halted in Toronto earlier today following a report in The Globe and Mail that Kuwait Petroleum Corp. may invest as much as C$4 billion ($4.05 billion) for a joint venture to develop Athabasca Oil’s assets in Alberta.