Athabasca Oil Corporation announced the separation of the Chair of the Board and Chief Executive Officer (CEO) role effective April 20, 2015. Additionally, in conjunction with the strategic initiatives outlined in the fall the company has now also concluded a thorough review and realignment of its corporate cost structure. On October 1, 2014 Mr. Buchanan, Board Chair, was appointed President and CEO of the company replacing Sveinung Svarte who retired on September 30, 2014.

Mr. Buchanan's tenure as CEO was intended to be short-term for the purpose of assessing and implementing immediate changes, as required, to the strategic direction, operation, management and business priorities of the company. Mr. Buchanan's objectives included: (1) working with management to validate Athabasca's business strategy; (2) improving the Company's cost structure; (3) considering and assessing strategic opportunities to unlock the potential of Athabasca's substantial resource base and enhance shareholder value; (4) working with the Compensation and Governance Committee to enhance the Board's governance structure; and (5) developing and mentoring Athabasca's talented executive team, including assessing Mr. Broen's readiness to assume the CEO role. While the ultimate timeframe needed to achieve these important objectives was not determinable at the time of his appointment it was intended that once Mr. Buchanan had substantially progressed the objectives, Mr. Broen would be appointed as CEO and Mr. Buchanan would step back into the Chair role.

Mr. Broen is ready to assume the responsibilities of CEO, Mr. Buchanan is stepping down as CEO effective April 20, 2015 and will remain as Chair to continue his focus on the Board's renewal process. Mr. Broen will assume the President and CEO role effective April 21, 2015. In January, Mr. Carlos Fierro and Mr. Paul Haggis were appointed as independent directors.

Both individuals bring extensive financial and energy sector experience that will be of great value to shareholders. Effective March 11, 2015 Mr. Haggis was appointed Chair of the Governance and Compensation Committee. As Chair, Mr. Buchanan will continue to play a key role in the ongoing renewal process on behalf of the Compensation and Governance Committee.

This will include further review of the Board's governance and leadership structure. The Board expects to conclude its renewal process within 18 months, after which Mr. Buchanan will step down as Chair and a new Independent Chair will be appointed.