Athabasca Oil Corp. (TSX:ATH) confirmed a recent Globe and Mail report that it has signed a letter of intent (LOI) regarding a joint venture involving its Hangingstone and Birch properties, but emphasized that the LOI is conditional.
As quoted in the press release:
The proposal contained in the letter of intent is conditional upon, among other things, finalization of definitive documentation and the receipt of all necessary internal and regulatory approvals. Athabasca cautions that no assurance can be given that the transaction contemplated by the letter of intent will be completed.
Athabasca does not intend to make any further announcements or communications regarding this potential transaction until either a definitive agreement has been reached or it determines that disclosure of developments is appropriate.