[March 15, 2014]


(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) CALGARY - The founder and chairman of Athabasca Oil Corp. (TSX:ATH) is stepping down a day after the Alberta cabinet approved the Dover oilsands project.

Athabasca Oil says William Gallacher, who founded the company in 2006, has chosen to resign from the company's board of directors so he could ``concentrate on his other endeavours,'' according to a release.

Gallacher will be replaced by current board member Thomas Buchanan, effective immediately.

The Alberta government's green light is one of the last hurdles Athabasca must clear before its Chinese partner can take full control of the development; a final sign off from Alberta Environment is still needed.

Once all approvals are in hand for Dover, PetroChina, currently with a 60 per cent stake, has 30 days to exercise its option to buy out Athabasca's 40 per cent interest for $1.3 billion.

That process was delayed by a legal challenge by a nearby aboriginal band, which last month agreed to drop its lawsuit.

(The Canadian Press) (c) 2014 The Canadian Press

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