12:02 PM EST - Athabasca Oil Sands Corp. : announced it has approved the accelerated development of its Hangingstone and Dover West bitumen properties, located in northern Alberta. The first phase of the Hangingstone development is anticipated to be commissioned as a 12,000 barrels/day steam assisted gravity drainage (SAGD) demonstration project. First steam could be as early as late 2013. Athabasca expects to file its regulatory application for this first phase in the second half of 2011. It is the initial segment of a multi-phase development plan in the Hangingstone area. The second phase development is estimated at 25,000 barrels/day, with startup possibly as early as 2016. Athabasca Oil Sands Corp.
shares T.ATH are trading down $0.10 at $12.55.
