Statoil to sell Canada oil sands assets to Athabasca Oil Corp in a $832 million deal.

 Calgary-based Athabasca Oil Corp. is purchasing the northern Alberta oilsands operations of Norwegian oil giant Statoil ASA in an arrangement worth up to $832 million.

The deal incorporates Statoil’s six-year-old Leismer thermal oilsands venture, which utilizes steam to deliver 24,000 barrels for each day of bitumen from wells, and its proposed Corner oilsands venture.

Statoil said Athabasca has consented to pay $435 million in cash in addition to issue 100 million Athabasca offers worth about $147 million. The share issue will give Statoil a stake of just shy of 20% in Athabasca, which it said would be dealt with as an investment.

Up to $250 million more will be paid in a progression of unforeseen installments activated if West Texas Intermediate oil costs transcend US$65 per barrel.

Recently, Athabasca framed a $475-million joint project with U.S.- based Murphy Oil Company to share expenses of its Montney and Duvernay expansions.

Statoil entered the Alberta oilsands by purchasing North American Oil Sands Corp. in 2007.

Statoil VP Lars Christian Bacher says the arrangement will permit it to concentrate on core activities including its operations in offshore Newfoundland.