Athabasca raises capital budget, says CEO to retire

Mon Sep 8, 2014 6:26am EDT
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Sept 8 (Reuters) - Canada's Athabasca Oil Corp increased its capital budget for the year and said its chief executive of seven years would retire on Sept. 30.

The oil sands producer increased its capital budget by $140 million to $667 million for 2014. But it maintained its production outlook for second half of the year.

Athabasca said Tom Buchanan, currently chairman of the board, would replace Sveinung Svarte at the helm.

The company expects to produce 6,000-6,500 barrels of oil equivalent (boe/d) in the second-half of 2014.

It was not immediately clear if the figures were in U.S. or Canadian dollars. (Reporting By Kanika Sikka in Bangalore; Editing by Saumyadeb Chakrabarty)