Athabasca Oil

Ninepoint’s Athabasca Bet Delivers a 6,500% Windfall as Cenovus Agrees to Buy Producer

Ninepoint Partners has emerged as one of the standout winners from Cenovus Energy’s $5.7 billion agreement to acquire Athabasca Oil, with Bloomberg reporting that a long-held penny-stock position has generated a gain of roughly 6,500%. The deal underscores how distressed energy assets can deliver outsized returns for investors willing to endure years of volatility, while also highlighting the market’s renewed appetite for consolidation in Canadian oil and gas.