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
SOURCE: Athabasca Oil Corporation
For further information:
Chief Executive Officer
Telephone: (403) 237 9349