Statoil Completes Sale of Entire Oil Sands Operations in Alberta, Canada

Statoil has completed the sale of its entire oil sands operations in the Canadian province of Alberta to Athabasca Oil Corporation.

The divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production.

As part of the deal, Statoil has received $329 million (CAD 431 million) in cash, plus 100 million common shares in Athabasca - representing just below 20 percent of the equity in the company.

Up to a further $191 million (CAD 250 million) of contingent payments will be paid out over the next four years, depending on production levels and the prevailing oil price, Statoil said.



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