Business
Athabasca Oil Corporation Announces an Executive Appointment
CALGARY , Oct. 12, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "AO...
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\nCALGARY, Oct. 12, 2013 /CNW/ - Athabasca Oil Corporation (TSX: ATH)\n (\"Athabasca\" or \"AOC\") has, due to increased operational activities and\n responsibilities, created the position of chief operating officer, in\n charge of all operations, both operating asset areas (Light Oil and\n Thermal Oil), in addition to all technical functions. The Board of\n Directors has appointed Rob Broen to this position effective\n immediately. Mr. Broen joined Athabasca in November, 2012 as senior\n vice president Light Oil with responsibility for the Light Oil\n Division, Drilling and Completions Services and Health, Safety and\n Environment. He has more than 20 years of industry experience. Prior to\n joining Athabasca, Mr. Broen was responsible for a 120,000 barrels of\n oil equivalent per day North American petroleum portfolio for an\n international exploration and production company.\n\n\nAthabasca also announces the resignation of Ian Atkinson, senior vice\n president, Thermal Oil.\n\n\n\"As one of the founders of Athabasca, Mr. Atkinson was central in the\n creation of a company with more than 11 billion barrels of recoverable\n bitumen and a vast land base for production of light oil and gas. He\n was also instrumental in the $3.9 billion oil sands joint venture which\n Athabasca entered into with a third party in 2010,\" said Sveinung\n Svarte, CEO and president. \"We sincerely wish him continued success in\n his future endeavors.\"\n\n\nAthabasca is currently building Hangingstone Project 1, a 12,000 barrel\n per day (bbl/d) SAGD project, with first steam planned for late 2014.\n Two further development phases of 40,000 bbl/d and 30,000 bbl/d\n respectively are contemplated for the area. The project continues to be\n on track and Athabasca is pleased with its progress.  The strong\n Thermal Oil leadership team remains in place.\n\n\n\nReader Advisory:\n\n\nThis Press Release contains forward-looking information that involves\n various risks, uncertainties and other factors. All information other\n than statements of historical fact is forward-looking information. The\n use of any of the words \"anticipate\", \"project'\", \"contemplated\",\n \"plan\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\",\n \"should\", \"believe\", \"predict\", \"pursue\" and \"potential\" and similar\n expressions are i...