04:04:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Alberta Oilsands Inc
Symbol AOS
Shares Issued 211,482,057
Close 2013-07-25 C$ 0.065
Market Cap C$ 13,746,334
Recent Sedar Documents

Alberta Oilsands' Clearwater leases cancelled

2013-07-26 11:53 ET - News Release

Mr. Binh Vu reports

On July 25, 2013, the Province of Alberta announced that it is allocating 55,000 acres of Crown lands to the Regional Municipality of Wood Buffalo (Fort McMurray) under its Urban Development Sub-Region initiative (UDSR); as a result of the UDSR initiative, Alberta Oilsands Inc.'s oil sands leases at Clearwater will be cancelled. As a lessee to these affected leases, AOS will be compensated in accordance with existing legislation. The Mineral Rights Compensation Regulation (Alberta Regulation 317/2003) establishes the compensation payable by the Crown for cancelled agreements. Compensation includes at least the following:

  1. Cost of acquiring the lease including annual licence fees and application fees;
  2. Wasted exploration and development expenditures;
  3. Reclamation costs;
  4. Interest of approximately 5 per cent (calculated as Alberta Treasury Branch prime plus 1 per cent).

In the near future, the company expects to receive an official notice of cancellation from the Province of Alberta setting out details of the cancellation.

To date, AOS has spent approximately $51-million in the acquisition and development of Clearwater. Currently, AOS has 211,482,057 issued and outstanding common shares, and as of March 31, 2013, the company had current assets of approximately $6.76-million.

© 2024 Canjex Publishing Ltd. All rights reserved.