Athabasca Oil Sands Corp.

March 30, 2010 18:07 ET

Athabasca Oil Sands Corp. Announces Pricing of Its Initial Public Offering

CALGARY, ALBERTA--(Marketwire - March 30, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Athabasca Oil Sands Corp. ("AOSC") is pleased to announce that it has obtained a receipt for its final prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement for its initial public offering of 75,000,000 common shares at a price of $18.00 per share. The offering will generate gross proceeds of $1.35 billion. Closing of the offering is scheduled for April 8, 2010, subject to customary closing conditions.

The underwriting syndicate for the offering is co-led by Morgan Stanley Canada Limited and GMP Securities L.P., and includes FirstEnergy Capital Corp., Raymond James Ltd., TD Securities Inc., Peters & Co. Limited, Genuity Capital Markets, Barclays Capital Canada Inc., Acumen Capital Finance Partners Limited, Haywood Securities Inc. and Dundee Securities Corporation.

AOSC has granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the date of closing of the offering, to purchase up to an additional 11,250,000 common shares at the offering price of $18.00 per common share to cover over-allotments, if any. If the over-allotment option is exercised in full, gross proceeds of the offering will be $1.5525 billion.

AOSC has received conditional approval for the listing of its common shares on the Toronto Stock Exchange under the symbol "ATH". Listing is subject to AOSC fulfilling all of the requirements of the Toronto Stock Exchange on or before June 17, 2010, including distribution of the common shares to a minimum number of public shareholders.

A copy of AOSC's final prospectus will be available on the SEDAR website at www.sedar.com.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or any applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Athabasca Oil Sands Corp.

AOSC is an Alberta corporation focused on the sustainable development of oil sands resources in the Athabasca region of northeastern Alberta, Canada.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of AOSC, including, without limitation, those listed under the headings "Forward-Looking Statements" and "Risk Factors" in AOSC's final prospectus. Forward-looking information in this press release includes, but is not limited to, information concerning the proposed public offering. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, AOSC does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact Information