04 January 2012 03:27 [Source: ICIS news]
GUANGZHOU (ICIS)--Athabasca Oil Sands Corp (AOSC) will sell its remaining 40% interest in the ?xml:namespace>
In 2010, AOSC sold 60% stakes in MacKay and a separate project,
AOSC will use the proceeds from the sale to implement its strategy on increasing light oil drilling and completion programs, the company said.
“Our strategy is to ultimately achieve approximately 50% of our production from the company’s oil sands division and the balance from the light oil division” said AOSC’s chairman Bill Gallacher.
“We will use the proceeds from the option exercise to implement this strategy,” he added.
With additional reporting by Nurluqman Suratman
($1 = C$ 1.01)
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