This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Athabasca Oil Corporation Announces An Executive Appointment

CALGARY, 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 Rob Broen to this position effective immediately. Mr. Broen joined Athabasca 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 Athabasca, 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.

Athabasca also announces the resignation of Ian Atkinson, senior vice president, Thermal Oil.

"As one of the founders of Athabasca, 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 $3.9 billion oil sands joint venture which Athabasca entered into with a third party in 2010," said Sveinung Svarte, CEO and president. "We sincerely wish him continued success in his future endeavors."

Athabasca 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 Athabasca is pleased with its progress.  The strong Thermal Oil leadership team remains in place.

Reader Advisory:

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs