Athabasca Oil Corporation closed a new $500 million, four-year covenant-based credit facility with Canadian banks. This facility enhances the company's capital structure. The deal extends to May 2030 and includes options for annual extensions. It replaces previous credit arrangements, offering a lower cost of capital. The company's consolidated liquidity now stands at approximately $870 million.
Concurrently, Athabasca's 70%-owned subsidiary, Duvernay Energy, upsized its reserve-based credit facility to $75 million. This improved financial footing supports Athabasca's long-term growth plans. These plans include increasing Thermal Oil production to over 60,000 barrels per day by 2030. It also funds an expanded capital program at Duvernay.