Replies to post #2131 on Oilsands Quest Inc (fka OBQI)

[ChartMasterpieces]

GL! I gave this one a chance. It's rotten from the core imo!

[NYBob]

$WTIC - OIL - Light Crude -

[NYBob]

Athabasca OIL SANDS Raises $1.32 Billion in Biggest Canada IPO Since 1999

By Doug Alexander

March 31 (Bloomberg) -- Athabasca Oil Sands Corp. raised C$1.35 billion ($1.32 billion), the most for a Canadian initial public offering since Manulife Financial Corp. in 1999, to fund energy exploration in Alberta.

The Calgary-based company priced 75 million shares at C$18 each, selling a 19 percent stake, according to a prospectus yesterday. The offering is scheduled to close April 8, and the shares will begin trading on the Toronto Stock Exchange before June 18 under the symbol ATH, Athabasca said in a statement.

The sale was the biggest in Canada since Manulife, the nation’s largest insurer, raised C$2.48 billion more than a decade ago, according to data compiled by Bloomberg. Athabasca also beat Sensata Technologies Holding NV’s $569 million offering, making it the top deal in North American of 2010.

“There’s a sense of optimism regarding the economy, and that’s reflected in the potential demand for IPOs,” said Roman Dubczak, head of equity capital markets for CIBC World Markets in Toronto. “When successful IPOs get executed, it leads to other companies considering IPOs to enter the market.”

Canada’s economy expanded at a 5 percent annual rate in the fourth quarter, the fastest since 2000, Statistics Canada said on March 1. The Standard & Poor’s/TSX Composite Index surged 31 percent in 2009, the most since 1979. The benchmark measure of the nation’s stocks advanced 0.6 percent last month, the largest gain among benchmarks for the world’s 20 biggest stock markets.

Morgan Stanley of New York and Toronto-based GMP Capital Inc. led the Athabasca transaction.

PetroChina Deal

PetroChina Co. of Beijing, the world’s largest company by market value, won approval from the Canadian government in December to buy stakes in Athabasca’s MacKay and Dover oil-sands projects for C$1.9 billion.

Athabasca is developing bitumen from oil sands in northeastern Alberta. It had 114 million barrels of probable reserves, 26 million barrels of possible reserves and 7.1 billion barrels of contingent resources as of Dec. 31, according to the prospectus.

Glen Whelan, a spokesman for Athabasca at Hill & Knowlton in Calgary, declined to comment.

Bankers arranging the sale have the option to sell another 11.25 million shares at C$18 each, which would raise the total value of the IPO to C$1.55 billion.

To contact the reporters on this story: Doug Alexander in Toronto at [e-mail].
Last Updated: March 30, 2010 21:10 EDT