Athabasca Oil Corporation and Cenovus Energy Inc. formed Duvernay Energy Corporation, where Athabasca holds a 70% stake and Cenovus the remaining 30%. This partnership aims to enhance cash flow and production growth through assets contributed by both firms. Duvernay Energy, starting with $90 million in liquidity, will focus on the Kaybob Duvernay play, targeting growth to around 25,000 barrels of oil equivalent per day (boe/d) by the late 2020s. Athabasca's 2024 capital expenditure for Duvernay Energy is set at $82 million, supported by seed capital and operational cash flow. The transaction, effective January 1, 2024, awaits standard closing conditions and is expected to conclude in the first quarter of 2024. ATB Capital Markets and Norton Rose Fullbright Canada LLP served as financial and legal advisors, respectively, for Athabasca in this deal.