On May 26, 2015, Alberta Oilsands Inc. announced that it was in receipt of $35,087,246, inclusive of applicable interest, as compensation for the cancellation of the said oil sands leases. The increase in total compensation amount from the initial amount announced on March 20, 2015 is a result of additional accrued interest since that date. A right of first refusal has also been granted to the Company for a period of 20 years on the cancelled areas.
The Board of Directors of the Company initiated a process to identify, examine and consider a range of strategic alternatives available to the Company and engaged AltaCorp Capital Inc. to assist the Company with this process. As the Company is now able to confirm receipt of the $35 million compensation amount, AltaCorp Capital will make available to qualified parties, upon execution of a standard non-disclosure agreement, access to proprietary technical, financial, legal and other information. The strategic review process is ongoing at this time. Parties interested in investigating possible opportunities with AOS may contact AltaCorp Capital directly by telephone at (403) 539-8600 or by emailing AOSstrategic@altacorpcapital.com.
Disclaimer: There can be no assurance that any agreement or transaction will occur, or if a transaction is undertaken, as to its terms or timing. The Company has not set a definitive schedule to complete its evaluation and no decision on any particular alternative has been reached at this time. The Company does not intend to make further announcements or disclose developments with respect to this process unless the evaluation has been completed and the Board has approved a definitive transaction and the Company has entered into a definitive agreement, or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.
Alberta Oilsands Inc. is engaged in the exploration and development of drill-defined domestic assets, and an expanding portfolio of international projects. AOS holds 106 bitumen leases in the Athabasca oil sands region of northeast Alberta, primarily its flagship Clearwater and Grand Rapids projects.
In addition, the Company’s new Africa initiative is focused on active and known onshore and offshore basins on the East Africa Rift System and the offshore in pursuit of additional Cretaceous and Miocene aged critical mass opportunities. The Company’s head office is located in Calgary, Alberta, Canada and Alberta Oilsands’ common shares are traded on the TSX Venture Exchange under the trading symbol AOS.
AOS’s experienced and fiscally responsible management team oversees a dynamic and growing operation while accessing top specialists in the oil sands industry to prepare for future development.
AOS has a technical team with broad expertise in the oil sands sector. AOS managers are experienced in resource evaluation, facility design, overseeing field operations and searching for accretive opportunities. The team is actively involved in the daily management of corporate assets and has done so on a full-time basis since the Company’s inception in late 2003.