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Last updated on April 19, 2014 at 13:20 EDT

Athabasca Oil Corporation Announces an Executive Appointment

October 12, 2013

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.

With respect to forward-looking information contained in this Press
Release, assumptions have been made regarding, among other things: the
regulatory framework governing royalties, taxes and environmental
matters in the jurisdictions in which the Company conducts and will
conduct its business; the applicability of technologies for the
recovery and production of the Company’s reserves and resources; future
capital expenditures to be made by the Company; future sources of
funding for the Company’s capital programs; the Company’s future debt
levels; geological and engineering estimates in respect of the
Company’s reserves and resources; the geography of the areas in which
the Company is conducting exploration and development activities; the
Company’s financial condition and results of operations; and the
Company’s ability to obtain financing on acceptable terms.

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 filed on March 28,
2013 (“AIF”) that is available on SEDAR at www.sedar.com, including,
but not limited to: general economic, market and business conditions;
failure to satisfy certain conditions in connection with the Company’s
debt and credit facilities; factors affecting potential profitability;
factors affecting funding, including the development of new business
opportunities, the availability of financing, developments in
technology, general economic conditions; uncertainties inherent in
estimating quantities of reserves and resources; uncertainties inherent
in SAGD; failure to obtain regulatory approval for the subsequent
phases of the Hangingstone project; failure to meet development
schedules and potential cost overruns; increases in operating costs
making projects uneconomic; the effect of diluent and natural gas
supply constraints and increases in the costs thereof; the substantial
capital requirements of the Company’s projects; risks inherent in the
Company’s operations, including the production of oil sands reserves
and resources using SAGD and the production of crude oil and natural
gas using multi-stage fracture and other stimulation technologies; the
potential for management estimates and assumptions to be inaccurate;
failure by counterparties to comply with contractual arrangements
between the Company and such counterparties; the potential lack of
available drilling equipment and limitations on access to the Company’s
assets; Aboriginal claims; competition for, among other things,
capital, export pipeline capacity and skilled personnel; risk of
reassessments of the Company’s tax filings by taxation authorities; and
volatility in the market price of the common shares. The
forward-looking statements included in this Press 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 laws.

SOURCE Athabasca Oil Corporation


Source: PR Newswire