Athabasca Oil says C$53 million more notes to be redeemed by mid-May

By Wendy Van Sickle

Columbus, Ohio, May 3 – Athabasca Oil Corp. has redeemed a total of C$57 million of notes through open-market purchases this year and has provided notices to noteholders to redeem an additional C$53 million of notes, according to a news release.

The additional redemptions will be funded with warrant proceeds and free cash flow and are expected to be completed by mid-May.

This total C$110 million of term debt reduction achieves about half of the company’s debt-reduction target, which is expected to be hit in the first half of 2023, the company said.

Athabasca is a Calgary, Alta.-based energy company focused on the development of thermal and light oil assets.

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