Canada's Athabasca Oil posts bigger loss

Wed Aug 6, 2014 6:25am EDT
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Aug 6 (Reuters) - Canadian oil sands producer Athabasca Oil Corp reported a bigger quarterly loss as the company made a C$49 million ($44.7 million) provision to settle some claims made by PetroChina Co Ltd's Phoenix Energy Holdings Ltd.

Net loss widened to C$56.8 million, or 14 Canadian cents per share, for the second quarter ended June 30, from C$30 million, or 7 Canadian cents, a year earlier.

Earlier this year, Athabasca exercised an option to sell its 40 percent stake in the planned Dover oil sands project to partner Phoenix Energy. ($1 dollar = C$1.0974) (Reporting by Sayantani Ghosh in Bangalore; Editing by Joyjeet Das)