Western Oil Sands

Western Oil Sands, headquartered in Calgary, Alberta is a 20 percent partner in the Athabasca Oil Sands Project. Together with their partners, Western Oil Sands mines and extracts recoverable bitumen reserves at the Muskeg River Mine for transportation to the Scotford Upgrader, 435 km to the south, for upgrading into synthetic crude oil.

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Profile

On May 30, 2006, Western Oil Sands announced that its wholly owned subsidiary, WesternZagros Limited, entered into an Exploration Production Sharing Agreement (EPSA) with the Kurdistan Regional Government, Sulaymaniyah Administration to explore for conventional oil and gas in the Federal Region of Kurdistan. This agreement will become effective when it is passed into law which is expected to occur in the coming months. Western Oil Sands maintains an ongoing effort to identify opportunities with large hydrocarbon resource potential.

On July 31, 2007 Western Oil Sands announced a plan of arrangement with Marathon Oil Corporation. For approximately $6.6 billion, Marathon will acquire all of Western's outstanding common shares and gain ownership of its 20 percent stake in the Athabasca Oil Sands Project. Western subsidiary WesternZagros Limited will spin off into WesternZagros Resources Inc., whose new shares will be distributed to existing shareholders. All of Western's assets in the Federal Region of Kurdistan will be controlled by WesternZagros Resources, Inc.

Corporate governance

Current members of the board of directors of Western Oil Sands are: Guy J. Turcotte, David J. Boone, Tullio Cedraschi, Geoffrey A. Cumming, James C. Houck, Oyvind Hushovd, John Lill, Randall Oliphant, Robert G. Puchniak, and Mac H. Van Wielingen.

See also

• Oil
• Tar sands
• Gas
• Oil well
• Drilling
• OPEC
• List of oil-producing states