Athabasca Oil Corporation Announces Sale of Non-Core Light Oil Assets for $160 Million; Retains Strategic Duvernay Assets with 500 Future Drilling Locations

CALGARY, Alberta, July 31, 2023 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to announce that it has entered into a definitive agreement to sell non-core Light Oil assets for total cash proceeds of $160 million (the “Transaction”). The Transaction high-grades the Company’s deep resource portfolio, crystallizes value from a non-core asset at an attractive price and bolsters the Company’s strong financial position.

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