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CALGARY, Alberta – Athabasca Oil Corporation ( TSX: ATH ) (“Athabasca” or the “Company”) reports its 2020 year-end results and annual reserves. In a year of unprecedented challenges, Athabasca demonstrated the exceptional resilience of its low-decline assets. In 2021, Athabasca is focused on resuming its pre-COVID business plan of free cash flow generation, disciplined operations and preserving long term future projects across its portfolio. Armed with an unrestricted cash balance of $165 million, the Company is focused on refinancing its debt in order to capture the unparalleled cashflow generation potential from its long reserve life, oil weighted asset base. Q4 2020 and 2020 Corporate Highlights Production: 34,233 boe/d (89% Liquids) in Q4 and 32,483 boe/d (88% Liquids) in 2020. Adjusted Funds Flow: $11 million in Q4 and ($19) million in 2020. Capital Expenditures: $89 million ($39 million in Light Oil and $50 million in Thermal Oil) in 2020. Balance Sheet & Sustainability: $165 million of unrestricted cash at year-end; Net Debt of $412 million representing 2.5x 2021 forecasted EBITDA (US$55 WTI/US$12.50 WCS heavy differential). The Company has an unhedged EBITDA sensitivity of ~$70 million for a US$5 move in oil price. 2020 Reserves Reserves: 1.2 billion boe Proved plus […]
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