Athabasca Oil Corporation Announces Management Change

CALGARY, May 5, 2014

Mr. Taylor's background includes equity research and investment banking at National Bank Financial, GMP Securities and CIBC World Markets in Calgary. Mr. Taylor was most recently Director of Energy Equity Research at National Bank, where he was instrumental in rebuilding their energy franchise with a broad coverage list spanning the intermediate and junior energy sectors, including Athabasca. Mr. Taylor holds a B.Comm. degree with a specialization in finance from the from the University of British Columbia and is a CFA® charterholder.

"I am delighted that Matt is joining the Athabasca management team and I look forward to working with him. Matt is well known in the oil patch and the institutional investment community, and with his prior coverage of the Company, he joins us having a solid understanding of Athabasca's thermal oil and light oil businesses," says Sveinung Svarte, President and CEO.

Andre De Leebeeck, who was previously Athabasca's Vice President, Investor Relations & Communications, has assumed the role of Vice President, Corporate Projects. Mr. De Leebeeck's initial project will be to provide oversight to the Company's closing of its previously announced Dover Put Option transaction. With over 35 years of international executive experience in a variety of global environments ranging from the North Sea to Nigeria, Mr. De Leebeeck has a significant understanding of the international energy arena.

About Athabasca Oil Corporation
Athabasca Oil Corporation is a dynamic, Canadian energy company with a diverse portfolio of thermal and light oil assets. Situated in Alberta's Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca's common shares trade on the TSX under the symbol "ATH". For more information, visit www.atha.com.

SOURCE Athabasca Oil Corporation