Athabasca Oil Corporation announces renewal of its credit facility
June 1, 20206:00 AM Globe Newswire
CALGARY, Alberta – Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) announces that it has completed the annual review of its credit facilities. The Company’s banking syndicate has renewed the reserve-based facility until November 30, 2020. The credit facility has been reduced to $42 million which reflects the currently outstanding letters of credit for long term transportation commitments and is secured by the Company’s cash balances.
The Company continues to pursue opportunities to access credit support offered by the Government of Canada during this uncertain economic environment created by the COVID-19 pandemic.
Athabasca remains focused on maximizing corporate funds flow and maintaining strong corporate liquidity. As at May 31, 2020 the Company has cash and cash equivalents of approximately $330 million inclusive of restricted cash.
Athabasca maintains long‐term optionality across a deep inventory of high‐quality Thermal Oil projects and flexible Light Oil development opportunities.
About Athabasca Oil Corporation
Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development 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 www.atha.com.