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CALGARY — Athabasca Oil Sands Corp.’s name change Thursday to Athabasca Oil Corp. reflects its new focus on tight oil – and industry’s rush to the new technologyintensive play type that could see Alberta emerge as another North American hot spot.
Only two years after expanding into tight oil in Alberta, the former oil sands pure play has been so successful unlocking oil from shale and sandstone formations it expects them to produce as much as 10,000 barrels a day by the end of the year – while its oil sands projects are still under development.
Sveinung Svarte, president and CEO of Athabasca, said he sees huge tight oil potential in Alberta, where the geology is similar to prolific tight oil plays such as the Bakken in North Dakota and the Eagle Ford in Texas.
“The Duvernay, the Montney and the Nordegg are probably going to be one of the most active development areas in Canada, similar to activities in the Bakken, with similar results,” Mr. Svarte said after addressing the company’s annual meeting in Calgary.