NEW YORK (TheStreet) -- Shares of Athabasca Oil Corp. (ATHOF) are up 2.47% to $7.48 on Thursday after the oil company sold its 40% stake in the planned Dover oil sand project for $1.2 billion, Reuters reported.

The sale was between Athabasca and its partner PetroChina Co. (PTR) - Get Report.

The decision to sell its stake in the Brion Energy partnership, developing the thermal oil sands project, was part of an existing deal between Athabasca and PetroChina, in which the company agreed to the sale.

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