(All values are expressed in Canadian Dollars unless otherwise stated)
We believe Athabasca Oil (OTC:ATHOF) ((TSX:ATH)) is the best way to benefit from the upcoming recovery in the Canadian oil sands industry, driven by a return to normalized levels for Western Canadian Select ("WCS") differential and supportive global oil prices. Athabasca has removed most of its leverage concerns through a transaction with Murphy Oil (MUR) in 2016 and its cash flows possess one of the highest torque to oil prices and WCS differential among the peers.
We see an upside of