Summary Of Operations
Athabasca solidified the foundations for successful future growth and expansion during 2011. The Oil Sands and Light Oil Divisions achieved important development milestones working with the support teams – Health, Safety, Security and Environment; Regulatory and Stakeholder Affairs; Geosciences and Development; Projects; Supply Chain and the corporate groups.
Message from the President
Entering 2012, Athabasca looks back at 2011 where financial uncertainty again became a worldwide concern. Entire countries were close to defaulting on their debt payments but were saved by major rescue packages...
Balanced For Growth
Athabasca Oil Sands Corp. offers a rich portfolio of oil projects in Alberta’s share of the immense Western Canadian Sedimentary Basin. It has significant bitumen resources in the oil sands and considerable light oil and liquids-rich natural gas holdings. In five years, the Company has amasseda land base of approximately 3.6 million acres (net) and delineated 9.8 billion barrels (gross) of contingent resources (best estimate) that it holds at December 31, 2011. Translating these opportunities into shareholder value requires dedicated execution and the Company ended 2011 having made solid progress in advancing its strategy.
Athabasca’s goal is to convert its resources into 220,000 barrels of oil equivalent per day of production by 2020, approximately half from the Oil Sands Division and half from the Light Oil Division. It expects to achieve this while building and maintaining safe, environmentally sustainable operations. It is proud of its talented employees, its corporate culture of entrepreneurship and technical excellence as well as its land base of exciting exploration and appraisal opportunities.
(Net) Acres of Oil Sands and Light Oil Land
at December 31, 2011
Barrels of Contingent Resources
(best estimate) at December 31, 2011
at December 31, 2011
Management’s Discussion and Analysis
Athabasca remains well funded with working capital of $1.4 billion at December 31, 2011, sufficient to fund its 2012 capital budget of $819 million for 100% owned assets including $403 million for the Oil Sands Division and $403 million for the Light Oil Division.
Reserves And Resources
Athabasca has 9.8 billion barrels of contingent resources (best estimate) and 462 million barrels of oil equivalent of proved plus probable reserves effective December 31, 2011 based on reports prepared by GLJ Petroleum Consultants (“GLJ”) and DeGolyer and MacNaughton Canada Limited (“D&M”), our independent reserves and resources evaluators.
2011 Consolidated Financial Statements
Management is responsible for the preparation of the consolidated financial statements in accordance with International Financial Reporting Standards and for ensuring that all other financial and operating information presented in this report is consistent with those consolidated financial statements.