The Koch boys seem to know a bad deal is a bad place to be stuck. Right now that bad place is Athabasca.
Once among the largest landholders in the oilsands, industrial conglomerate Koch Industries Inc. has sold off its upstream leases and abandoned licences in the heavy oil play, joining a stream of foreign companies exiting the bitumen-bearing formation.
Wichita, Kan.-based Koch Industries struck an agreement to sell thousands of hectares of land in the oilsands to Calgary-based Cavalier Energy Inc., a subsidiary of the Riddell family-controlled Paramount Resources Ltd., in a transaction that occurred in June, the Financial Post has confirmed.
Koch, one of the world’s largest private companies owned by American billionaires and Republican donors Charles and David Koch, has also abandoned the licences it did not sell in the transaction with Paramount and has been allowing its leases in the play to expire.Did you get that last bit? What Koch Industries couldn't sell it has simply abandoned. Adios, Athabasca. No word yet on just how big a hit Koch had to take to extricate the company from the Tar Sands.
Hey Justin, how's that multi-billion dollar pipeline coming?