Athabasca Oil founder resigns after Dover project approval

Athabasca Oil founder resigns after Dover project approval

Athabasca Oil Corp.’s (TSX:ATH) chairman and founder is leaving the company one day after its Dover oil sands project, a venture with partner PetroChina (NYSE:PTR), received Alberta government approval.

William Gallacher – who founded Athabasca in 2006 – is stepping down as chairman on Friday to “concentrate on his other endeavours,” a statement from the Calgary-based company reads.

The approval of thermal oil sands project is the second-last step needed before Athabasca can sell its 40% stake in the project to its Chinese partner for $1.32 billion.

Thomas Buchanan, a board member since 2006, is replacing Gallacher.

The proposed five-phase Dover project would eventually produce 250,000 barrels a day using steam-assisted gravity drainage.

Athabasca also announced on Friday the appointment to the board of energy industry veteran Peter Sametz, who recently served as interim president and chief executive officer of Connacher Oil and Gas.

Image courtesy of Athabasca Oil.

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