Athabasca Oil Corporation announces the departure of its President and the
creation of an Executive Operations and Development Committee
CALGARY, May 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) announces
that Mr. Bryan Gould, president, has left the Company.
"We appreciate the many contributions that Bryan made during his time with
Athabasca and wish him all the best in his future endeavours." said Mr.
Sveinung Svarte, chief executive officer.
Effective immediately, Mr. Svarte will assume the responsibilities of
president, in conjunction with his role as chief executive officer. The
company has formed an executive operational and development committee, which
is comprised of Mr. Svarte, Mr. Rob Broen, senior vice president light oil,
Mr. Ian Atkinson, senior vice president thermal oil, Mr. Rick Koshman, vice
president projects, Mr. Brent Heagy, chief financial officer, and Mr. Rob
Bowie, vice president corporate development. The committee is intended to
refine the company's operational performance plan, targeting top tier
operational performance while incorporating operational flexibility consistent
with corporate financing.
Athabasca's Board of Directors has appointed one of its members, Mr. Ronald
Eckhardt, to chair the committee. Mr. Eckhardt has extensive experience in the
oil and gas industry, including working as an executive vice president of a
major Canadian oil and gas producer.
As previously reported, Athabasca continues its development of the
Hangingstone 12,000 barrel per day SAGD project and the production operations
of the Light Oil Division. It will consider the Dover West SAGD and TAGD
projects as well as additional development of the Light Oil asset upon
assurance of additional funding through either a joint venture and/or the
exercise of the Dover put option.
This News Release contains forward-looking information that involves various
risks, uncertainties and other factors. All information other than statements
of historical fact is forward-looking information. The use of any of the words
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe", "predict", "pursue" and "potential" and
similar expressions are intended to identify forward-looking information. The
forward-looking information is not historical fact, but rather is based on the
Company's current plans, objectives, goals, strategies, estimates, assumptions
and projections about the Company's industry, business and future financial
results. This information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information. No assurance can
be given that these expectations will prove to be correct and such
forward-looking information included in this News Release should not be unduly
relied upon. This information speaks only as of the date of this News Release.
In particular, this News Release may contain forward-looking information
pertaining to the Company's business plans and regulatory approvals in respect
of its projects including the ERCB public hearing regarding the Dover
Commercial Project and the potential outcome thereof. Actual results could
differ materially from those anticipated in this forward-looking information
as a result of the risk factors set forth in the Company's most recent Annual
Information Form dated March 28, 2013 ("AIF") that is available on SEDAR at
www.sedar.com, The forward-looking statements included in this News Release
are expressly qualified by this cautionary statement. Athabasca does not
undertake any obligation to publicly update or revise any forward-looking
statements except as required by applicable securities laws.
Sveinung Svarte Chief Executive Officer Telephone:(403) 237 9349
SOURCE: Athabasca Oil Corporation
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CO: Athabasca Oil Corporation
NI: OIL 2575 WNEWS
-0- May/06/2013 16:21 GMT
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