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Athabasca Oil CEO stepping down

Staff writer | Calgary, AB, Canada | September 9, 2014
Athabasca OilSeptember 9, 2014, Calgary, AB, Canada - Athabasca Oil Corporation, an oil company, announces board of directors and executive changes.
The Company announces that Sveinung Svarte will be retiring as President and Chief Executive Officer, effective September 30th.

Mr. Svarte has more than 25 years experience, including 17 years with Total SA and five years with Conoco. He served as President and CEO of Athabasca Oil Corporation from 2006. Formerly he held various positions throughout the world with Total SA until his transfer to Canada as Vice President, Oilsands, for Total E&P Canada, thereafter, Vice President, Corporate Development of Total E&P Canada Ltd. Mr. Svarte will remain on the Board as Vice Chairman.

Tom Buchanan, current Chairman of the Board, will assume the added responsibilities of President and CEO.

Mr. Buchanan has more than 30 years of experience in the oil and natural gas sector, most recently as CEO of Spyglass Resources Corp. In 1993, he founded Founders Energy Ltd., the predecessor to Provident Energy Trust and was the CEO of Provident until 2010.

Ron Eckhardt will assume the role of Lead Director of the Board and will replace Mr. Buchanan on the Compensation and Governance Committee of the Board.

Mr. Eckhardt is currently retired with more than 35 years of oil and gas industry experience. He is formerly executive Vice President, North American operations of Talisman Energy Inc. He currently sits on the board of NuVista Energy Ltd.

Additionally, Peter Sametz will replace Mr. Buchanan on the Audit Committee of the Company’s Board.