Oct. 12, 2013
/CNW/ - Athabasca Oil Corporation (TSX: ATH) ("Athabasca" or "AOC") has, due to increased operational activities and responsibilities, created the position of chief operating officer, in charge of all operations, both operating asset areas (Light Oil and Thermal Oil), in addition to all technical functions. The Board of Directors has appointed
to this position effective immediately. Mr. Broen joined
in November, 2012 as senior vice president Light Oil with responsibility for the Light Oil Division, Drilling and Completions Services and Health, Safety and Environment. He has more than 20 years of industry experience. Prior to joining
, Mr. Broen was responsible for a 120,000 barrels of oil equivalent per day North American petroleum portfolio for an international exploration and production company.
also announces the resignation of
, senior vice president, Thermal Oil.
"As one of the founders of
, Mr. Atkinson was central in the creation of a company with more than 11 billion barrels of recoverable bitumen and a vast land base for production of light oil and gas. He was also instrumental in the
oil sands joint venture which
entered into with a third party in 2010," said Sveinung Svarte, CEO and president. "We sincerely wish him continued success in his future endeavors."
is currently building Hangingstone Project 1, a 12,000 barrel per day (bbl/d) SAGD project, with first steam planned for late 2014. Two further development phases of 40,000 bbl/d and 30,000 bbl/d respectively are contemplated for the area. The project continues to be on track and
is pleased with its progress. The strong Thermal Oil leadership team remains in place.
This Press 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", "project'", "contemplated", "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 Press Release should not be unduly relied upon. This information speaks only as of the date of this Press Release. In particular, this Press Release may contain forward-looking information pertaining to the following: the expected timing of first steam for Hangingstone Project 1; receipt of regulatory approval for subsequent phases of the Hangingstone project; timing of facilities construction and timing of production; and the use of in-situ recovery methods such as Steam Assisted Gravity Drainage (SAGD) for production of recoverable bitumen.