Canada’s Athabasca Oil Corp. received payment of CA$139 million from Brion Energy Corp., formerly known as Phoenix Energy Holdings Ltd.

This amount was under the final promissory note that Brion issued to Athabasca regarding Athabasca’s sale of its interest in the Dover oil sands project.

The sale of the 40% interest to Brion closed on Aug. 29, 2014.

Throughout 2016, Athabasca has significantly strengthened its balance sheet through its light oil joint venture with Murphy Oil Co. and the thermal oil contingent bitumen royalty granted to Burgess Energy Holdings LLC.

Total consideration from these transactions was CA$615 million, including cash proceeds of CA$396 million.

Athabasca also has reduced its outstanding corporate debt by about CA$250 million by repaying its US$221 million term loan and unwinding its U.S. dollar foreign exchange hedge.

Athabasca currently has about CA$608 million in available cash and cash equivalents, an CA$83 million net cash position and an undrawn CA$45 million revolving credit facility.

Liquidity is further supported by the remaining CA$214 million Duvernay capital carry balance, whereby Murphy will fund 75% of the company's 30% working interest on the first CA$1 billion of investment (CA$75 million net exposure) over the next four to five years in this play.