CALGARY – As Oilsands Quest Inc. (NYSE Amex: BQI) seeks a strategic partner in hopes of accessing capital needed for oil sands development in northwest Saskatchewan and northeast Alberta, the company has made senior organizational changes.
Brian MacNeill has been appointed acting CEO of Oilsands Quest, replacing T. Murray Wilson. MacNeill will serve as CEO and direct day to day operations through the period in which the company is evaluating strategic alternatives. The board's decision on a permanent CEO appointment will depend on the outcome of the strategic alternatives process.
MacNeill joined the board of Oilsands Quest on August 25, 2009. From 1991 to 2001 he served as the president and CEO of Enbridge Inc., an integrated pipeline company. He has also been a non-executive member on boards of a number of major Canadian organizations, including serving as chairman of the board of Petro-Canada from 2000 to 2009.
The board has appointed Ron Blakely as non-executive chairman of the board. Blakely joined the board of Oilsands Quest on April 7, 2009. He has 38 years of experience in the oil and gas industry.
Paul Ching, as part of his role on the Special Committee, will provide added support to the technical staff of the company through the period of the strategic alternatives review. Ching joined the board on January 7, 2010. He has experience in heavy oil production, operations, development, and reservoir research achieved during his a 34 year career with Royal Dutch Shell.
T. Murray Wilson, who was most recently chairman and CEO, has been appointed as executive deputy chairman of Oilsands Quest. Wilson will advise the Special Committee, providing dedicated support to the evaluation and pursuit of the options expected to emerge from the review process and he will also remain a member of the board of directors and the board committees of which he is currently a member.
Independent of these appointments, Susan MacKenzie has tendered her resignation as COO. She was appointed COO of the company in March.
Because MacNeill is assuming the acting CEO position, Blakely will now serve as chair of the Special Committee, which will also continue to include MacNeill and Ching.
In mid-August, Oilsands cancelled a deal with Canshale Corp. after Canshale was unable to raise CDN$12.5 million - a condition of Oilsands Quest in the deal to sell its oil shale assets near Pasquia Hills, Saskatchewan to Canshale.
Following the deal breaksown, Oilsands Quest initiated a formal process to explore strategic alternatives. In a company press release, Wilson noted, “We had originally planned to proceed on a standalone basis until we had completed our SAGD pilot project, but in light of the substantial capital we require to proceed both at Axe Lake and at Wallace Creek, we have determined that this is the prudent course of action.”
Source: Oilsands Quest