Athabasca Oil Corp. on Friday said it completed the sale of its 40% stake in a Canadian oil-sands project to one of China’s largest state-run energy companies, putting an end to months of speculation that the deal might not go through. Athabasca said net proceeds from the sale of the Dover project stake will total 1.184 billion Canadian dollars ($1.09 billion), comprising a C$600 million cash payment at closing and three interest-bearing promissory notes for the remaining C$584 million. The company expects to use the proceeds to develop its core light-oil shale assets in the Kaybob Duvernay area of Alberta as well as its Hangingstone oil-sands project southwest of Fort McMurray, Alberta, Chief Executive Sveinung Svarte said in a phone interview. The closing of the Dover transaction is a welcome development for the Calgary-based oil-sands developer. The deal with China National Petroleum Corp.’s publicly traded PetroChina Co. subsidiary was […]