Athabasca Oil Corporation announced that Mr. Sveinung Svarte will be retiring as President and Chief Executive Officer effective September 30, 2014. Mr. Tom Buchanan, current Chairman of the Board, will assume the added responsibilities of President and CEO. Mr. Sveinung Svarte will remain on the Board as Vice Chairman and will continue to support the company's business development initiatives, including targeting large, strategic joint venture partners to help jointly develop the company's extensive resource holdings.

Tom Buchanan has over 30 years of experience in the oil and natural gas sector, most recently as CEO of Spyglass Resources Corp. Mr. 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. Additionally, Mr. Peter Sametz will replace Mr. Buchanan on the Audit Committee of the company's Board.