Athabasca Oil Corporation announced that Mr. Bryan Gould, president, has left the Company. Effective immediately, Mr. Svarte will assume the responsibilities of president, in conjunction with his role as chief executive officer. The company has formed an executive operational and development committee, which is comprised of Mr. Svarte, Mr. Rob Broen, senior vice president light oil, Mr. Ian Atkinson, senior vice president thermal oil, Mr. Rick Koshman, vice president projects, Mr. Brent Heagy, chief financial officer, and Mr. Rob Bowie, vice president corporate development.

The committee is intended to refine the company's operational performance plan, targeting top tier operational performance while incorporating operational flexibility consistent with corporate financing. The company's Board of Directors has appointed one of its members, Mr. Ronald Eckhardt, to chair the committee. Mr. Eckhardt has extensive experience in the oil and gas industry, including working as an executive vice president of a major Canadian oil and gas producer.