(The Canadian Press) CALGARY _ The president of Athabasca Oil Corp. (TSX: T.ATH, Stock Forum) has left the company suddenly.
A company news release contains no explanation for Bryan Gould's departure.
Chief executive Sveinung Svarte is assuming the role of president, effective immediately, the company said in a press release.
Athabasca's stock was down 6.5% following the announcement to $5.89 in afternoon trading on the TSX, leaving the company with a market cap of $2.4 billion, based on 400.5 million shares outstanding. The 52-week range is $14.05 and $6.19.
Athabasca has also formed an executive committee, which is intended to refine the company's operational performance plan.
Athabasca has been trying to form a joint venture for its Hangingstone oilsands property in Alberta, but so far a deal has failed to materialize.
The fate of its Dover oilsands project, part of a joint venture with PetroChina, is also uncertain.