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Western Oil Sands Pres, CEO Turcotte To Resign

The Wall Street Journal: Western Oil Sands Pres, CEO Turcotte To Resign


July 26, 2004 5:17 p.m.

Posted 27 July 04

CALGARY — Western Oil Sands Inc. (WTO.T) announced that Guy Turcotte anticipates stepping down as president and chief executive at the end of this year or early next year and moving to the position of chairman.

In a news release, the company said Turcotte will succeed Geoff Cumming as chairman and Cumming will remain a director.

Western Oil said it intends to establish a vice-chairman/lead director position to be held by an independent director who will provide independent advice and input in the management of governance issues for the board.

The board has established a search committee to find a suitable person for the position of CEO, it said, adding that the search should be concluded by the end of this year or early next year.

Western Oil holds a 20% undivided interest in the Athabasca Oil Sands Project together with Shell Canada Ltd. (SHC.T) (60%) and Chevron Canada Ltd. (20%).

Company Web Site:

-Wendy Tsau, Dow Jones Newswires; 416-306-2100

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