Athabasca Oil renews credit facility, lowers amount to C$42 million

By Sarah Lizee

Olympia, Wash., June 1 – Athabasca Oil Corp. said its banking syndicate has renewed its reserve-based credit facility until Nov. 30, and the facility has been reduced to C$42 million.

The reduced amount reflects the currently outstanding letters of credit for long-term transportation commitments and is secured by the company’s cash balances, according to a press release.

The company said it continues to pursue opportunities to access credit support offered by the government of Canada during the uncertain economic environment created by the Covid-19 pandemic.

As of May 31, the company had cash and cash equivalents of about C$330 million, inclusive of restricted cash.

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

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