Athabasca Oil outlines $798M capital spending, including Hangingstone
An oilsands facility seen from a helicopter near Fort McMurray, Alta., on Tuesday, July 10, 2012. (Jeff McIntosh / THE CANADIAN PRESS)
The Canadian Press
Published Monday, December 17, 2012 7:15AM EST
CALGARY -- Athabasca Oil Corp. (TSX:ATH) says it plans to spend $798 million on capital projects next year to develop its light and heavy oil assets in Alberta.
The budget includes construction of the Hangingstone oilsands project near Fort McMurray, Alta.
The Calgary-based company is aiming to have Hangingstone on stream before the end of 2014.
Hangingstone's Phase 1 is projected to produce the equivalent of 12,000 barrels per day of oil.
The company expects Hangingstone Phase 2 and 3 will bring the area's potential production to more than 80,000 barrels per day.
Athabasca says it expects to exit 2012 with between 10,000 and 11,000 barrels per day of light and thermal oil production.