ALBERTA OILSANDS INC. FILES Q2 2014 RESULTS
Alberta Oilsands Inc. has filed with Canadian securities authorities its unaudited financial statements, and its management's discussion and analysis at and for the period ended June 30, 2014. Copies of the filed documents may be obtained through SEDAR.
As previously announced, the company received notice in October, 2013, from Alberta Energy that the company's Clearwater oil sands leases within the UDSR (urban development subregion) would be cancelled. Specifically, oil sands lease agreements 7407090336 and 7407070268 covering a total area of 1,920 hectares would be cancelled in their entirety; and portions of land representing a total area of 2,421 hectares under oil sands lease agreements 7407080532 and 7407070269 would also be cancelled.
Pursuant to the Mineral Rights Compensation Regulation, the company submitted a claim in November, 2013, to the government of Alberta for compensation of the leases to be cancelled. Since January, 2014, AOS has been working with Alberta Energy in the review and processing of the company's compensation application. The main focus of Alberta Energy's review consists of the verification of the amounts claimed as development allowance from 2006 to 2013. The company continues to have open and constructive dialogues with Alberta Energy to finalize the settlement amount in a timely manner. Alberta Energy is aware that AOS wishes to finalize this process as quickly as possible. The company will release more details as soon as the audit process is completed and Alberta Energy confirms the settlement amount. |
