Athabasca Announces the Appointment of a New Chairman and a New Director to
Its Board of Directors
CALGARY, March 14, 2014 /CNW/ - Athabasca Oil Corporation (TSX: ATH)
("Athabasca" or "the Company") announces the appointment of Thomas Buchanan as
Chairman of the Board of Directors (the "Board"), replacing William Gallacher,
effective March 14, 2014.
William Gallacher has served as Chairman of the Board since founding the
Company in 2006 and was instrumental in guiding and growing Athabasca to where
it is today. Mr. Gallacher has chosen to resign from Athabasca's board to
concentrate on his other endeavours.
Mr. Buchanan has been a member of the Athabasca Board since 2006. He has a
strong financial and governance background and extensive experience in the
energy sector at both the senior executive and board levels.
"I am pleased that Tom has agreed to serve as Chairman for Athabasca," says
William Gallacher. "I am confident when handing over the Chair to such a
professional as Tom, assuring stability and the further enhancement of our
strategic development plans."
"Athabasca is now entering a phase where operational excellence is key to its
success," adds Mr. Gallacher. "My goal was to see the company through to a
clear path to assure its long term funding. I feel this has been achieved with
the recently announced Order in Council for the Dover Commercial Project,
paving the way for exercising the Dover put option."
"It is an honour for me to be appointed as the Chairman of Athabasca's Board
of Directors," says Thomas Buchanan. "It has been a privilege to work with
Bill as a member of the Board these past seven years."
"We have experienced many successes along the way but we have also had to
overcome numerous challenges," Mr. Buchanan added. "Bill has been instrumental
in both creating the success and in solving the challenges. My sincere thanks
to Bill for his devotion to Athabasca and I wish him the best of luck in his
other business ventures."
Athabasca is also pleased to announce the appointment of Peter Sametz to the
Board, effective March 14, 2014. Mr. Sametz has 35 years of experience in the
Alberta energy industry, most recently as interim President and CEO of
Connacher Oil and Gas. He was a founding member of the In-situ Oil Sands
Alliance, serving as Chairman in 2011. Mr. Sametz currently is on the Boards
of Gemini Corporation and One Earth Oil & Gas Inc. He is also CEO and
co-founder of Alberta Steam and Power Corp.
"It is with pleasure I welcome Pete to the Athabasca Board," says Sveinung
Svarte, President and CEO. "Pete is a seasoned heavy and thermal oil
executive, with an extensive operational background, which will be very
beneficial to us as we prepare for start-up of our Hangingstone SAGD project."
About Athabasca Oil Corporation
Athabasca Oil Corporation is a dynamic, Canadian energy company with a diverse
portfolio of thermal and light oil assets. Situated in Alberta's Western
Canadian Sedimentary Basin, the Company has amassed a significant land base of
extensive, high quality resources. Athabasca's common shares trade on the TSX
under the symbol "ATH". For more information, visit www.atha.com.
SOURCE Athabasca Oil Corporation
Media and Financial Community Andre De Leebeeck Vice President,
Investor Relations and Communications 1-403-817-8048 firstname.lastname@example.org
Financial Community Tracy Robinson Manager, Investor Relations 1-403-532-7446
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CO: Athabasca Oil Corporation
NI: OIL 2575 WNEWS
-0- Mar/14/2014 10:00 GMT
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