The deal flow has come fast and furious of late in Canada’s oil sands.
Statoil (Oslo: STL, NYSE: STO) sold its assets in the region to Athabasca Oil Corp (TSX: ATH) for CA$435 million in cash, 100 million common shares (almost 20 percent of the Alberta-based company’s float) and four years of contingent value payments.
Earlier this year, Royal Dutch Shell (LSE: RDSA, NYSE: RDS.A) likewise pulled up stakes in Alberta, announcing a series of transactions to sell all its in-situ and undeveloped oil sands interest and reduce its ownership share of the Athabasca Oil Sands Project to 10 percent from 60 percent.
Although these international oil companies have monetized their assets in Canada’s oil sands, local operators have revived under-development projects that were paused at the height of the down-cycle.