CALGARY, Feb. 3 /CNW/ - Alberta Oilsands Inc. (the "Company" or "AOS") (TSXV:AOS) announces that Dr. Claes Palmgren has joined the Company as Vice President of Engineering. Dr. Palmgren has over 20 years experience with applied research and technology, pilot program development and both pilot and commercial scale field applications of in-situ heavy oil and bitumen recovery technologies. Prior to joining Alberta Oilsands Inc., Dr. Palmgren was Vice-President of Reservoir Engineering at Oilsands Quest Inc. where he led the design and early stage implementation of a bitumen production test, and was the Manager of Reservoir Process Technology at Statoil-Hydro Canada Ltd (formerly North-American Oilsands Corporation). From 2000 to 2006, Dr. Palmgren worked at Petro-Canada. Dr. Palmgren is a graduate of Delft University of Technology in The Netherlands, Faculty of Mining and Petroleum Engineering, and received his Masters of Science in 1987 and his Doctorate in 1992. He is a member of APEGGA, CHOA, SPE and EAGE. The appointment of Dr. Palmgren is subject to regulatory approval.
"We are excited to have Dr. Palmgren complement our executive team and support the acceleration of our plans for commercial oil sands development. His initial focus will be our Clearwater West LP-SAGD pilot project" said Mr. Shabir Premji, Executive Chairman of Alberta Oilsands Inc.
The Company also announces that, pursuant to the provisions of its stock option plan, it has granted an aggregate of 3,105,000 options to its employees, management, directors and consultants. The options have an exercise price of $0.40 per share. As with previous option grants by the Company, options granted to employees, management, directors and certain consultants vest as to 1/3 immediately, 1/3 on the first anniversary of the date of grant and the balance on the second anniversary of the date of grant. The options expire on February 3, 2015. Stock option grants are subject to necessary regulatory approvals.
About Alberta Oilsands Inc.
Alberta Oilsands Inc. is a technically driven high growth energy company focused on the development and conversion of the Company's oil sands resources to reserves and the creation of long term sustainable value by increasing production and cash flow on relevant conventional oil and natural gas assets.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ALBERTA OILSANDS INC.
For further information: For further information: Alberta Oilsands Inc., Suite 2800, 350 - 7th Avenue S.W., Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T: (403) 232-3341, F: (403) 263-6702, firstname.lastname@example.org; or Chad Dust, Executive Vice President Finance and Business Development, T: (403) 538-3191, F: (403) 263-6702, email@example.com; Company website: www.aboilsands.ca