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Canadian Oil Sands Limited 2000 First Canadian Centre 350–7th Avenue SW Calgary, Alberta T2P 3N9

Tel: 403 218 6200
Fax: 403 218 6201


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About COS

Board of Directors

Donald J. Lowry, Chairman of the Board

Edmonton, Alberta

Subsequent to his retirement in March 2013, Don Lowry is now self-employed as a corporate director. Previously Don served as President and CEO of EPCOR, a position he held since January 1998. During Don’s time with EPCOR he led the growth of the Edmonton based utility into a North American power and water company. In 2009 Don initiated the spin-off of EPCOR’s power generation business into one of Canada’s largest investor-owned generation companies, Capital Power Corporation. Don is currently non-executive Chair of Capital Power and non-executive Chair of Canadian Oil Sands. As well he serves as a director of Stantec, Melcor REIT, Hydrogenics Corporation, Canadian Water Network and is chair of the 2014 Edmonton Organizing Committee for the ITU World Triathalon. He was recognized in 2010 as Alberta Venture’s Business Person of the Year and in 2014 as the Alberta Chamber of Resources Person of the Year, 2013. Prior to joining EPCOR, Don spent more than 20 years in the telecommunications industry. He was President and Chief Operating Officer of Telus Communications Inc. and Chairman of Alta Telecom. Don holds a B.Comm. (Honours) and an MBA from the University of Manitoba. He is also a graduate of the Harvard Advanced Management Program and the Banff School of Management.

Ian A. Bourne (1) (2), Corporate Director

Calgary, Alberta

Mr. Bourne became a director in 2007. He is the Chair of Ballard Power Systems Inc., a director of the Canada Pension Plan Investment Board, a director of Wajax Corporation and a director and Vice-Chair of SNC-Lavalin Group Inc. From January 1998 to December 2005, Mr. Bourne served as the Executive Vice President and Chief Financial Officer of TransAlta Corporation, and he was President of TransAlta Power LP from its inception in March 1998 to December 2006. Mr. Bourne was appointed Interim Chief Executive Officer of SNC Lavalin Group Inc. on March 25, 2012 until the appointment of a new CEO in October 2012. Mr. Bourne is also a director of the Canadian Public Accountability Board, which regulates the auditors of public issuers in Canada.

Mr. Bourne obtained his Bachelor of Commerce Degree at Mount Allison University in 1969. He is a member of the Institute of Corporate Directors, having completed the Director Education Program in February 2006 and was awarded the ICD.D designation in April of the same year. In 2011, Mr. Bourne was awarded the F.ICD (Fellowship) award.

Gerald W. Grandey (1) (2), Corporate Director

Saskatoon, SK

Mr. Grandey joined Canadian Oil Sands' board in 2011. He is the former CEO of Cameco Corporation, having held the position from 2003 to June 2011. Prior to joining Cameco, Mr. Grandey was Vice-Chairman of the Concord Business Group and President of Energy Fuels Nuclear, both privately owned businesses. Mr. Grandey currently serves on the boards of Potash Corporation of Saskatchewan, Inmet Mining Corporation and Sandspring Resources Ltd. In the not for profit sector, he serves on the boards of Persephone Theatre, the Saskatoon Chapters of the YMCA and Junior Achievement, the Dean’s Advisory Council, Edwards School of Business and the Board of Governors of the Colorado School of Mines Foundation. He is past Chair of the World Nuclear Association and served on the public company board of Centerra Gold Inc., a gold mining company and former Cameco subsidiary, from 2004 to 2007, and was a director of Cameco from 2000 to June 2011. Mr. Grandey recently became a member of the National Board of the Institute of Corporate Directors.

He has a degree in geophysical engineering from the Colorado School of Mines and a law degree from Northwestern University.

Arthur N. Korpach (2) (3), Corporate Director

Mr. Korpach joined Canadian Oil Sands' board in 2013. He is a retired Vice Chairman of Investment Banking at CIBC World Markets Inc. Mr. Korpach has 27 years of investment banking experience working with clients in Canada and globally. During his career, he provided advice on numerous financing and merger and acquisition transactions.

Mr. Korpach is a director of Freehold Royalties Ltd. and of Canexus Corporation. He is Chair of the Board of United Way of Calgary and Area and is a past director of Mount Royal University and its Foundation. Mr. Korpach is a past chair of the Accounting Standards Board of the Canadian Institute of Chartered Accountants.

Mr. Korpach received a Bachelor of Commerce degree in 1979 from the University of Saskatchewan and an MBA from Harvard Business School in 1985. He is a Fellow Chartered Accountant and a Chartered Business Valuator. In 2012, Mr. Korpach received the designation of ICD.D from the Institute of Corporate Directors.

Ryan M. Kubik, Corporate Director

President and Chief Executive Officer Canadian Oil Sands Limited
Calgary, Alberta

Mr. Kubik was promoted to President and Chief Executive Officer effective January 2014. He joined Canadian Oil Sands in September 2002 as Treasurer, and was promoted to Chief Financial Officer in April 2007. Prior to Canadian Oil Sands, Ryan held progressively senior finance positions with EnCana Corporation, PanCanadian Energy and PricewaterhouseCoopers. Ryan has completed the Institute of Corporate Directors, Corporate Governance program and is accredited as a certified director under that program with the ICD.D. designation. Ryan holds Chartered Accountant and Chartered Financial Analyst designations and a Bachelor of Commerce degree from the University of Calgary.

Sarah E. Raiss (1), Corporate Director

Calgary, Alberta

Ms. Raiss joined Canadian Oil Sands' board in 2012. From 2000 to 2011, Ms. Raiss was Executive Vice President for TransCanada Corporation where she was responsible for a broad portfolio including human resources, information systems, aviation, building, office services, real estate, organizational excellence and communications. Prior to TransCanada, Ms. Raiss had a consulting firm specializing in strategy, culture change and merger integration. Ms. Raiss has held various senior positions in the telecommunications industry including Ameritech (now AT&T).

Ms. Raiss is a director of Loblaw Companies Limited, Commercial Metals Company, and Vermillion Energy Inc. She also serves as Chair of the Alberta Electric System Operator and serves on the National Board of the Institute of Corporate Directors. She is past director of Shoppers Drug Mart and the Calgary Petroleum Club.

Ms. Raiss has a Bachelor of Science in Applied Mathematics and an MBA, both from the University of Michigan. She has completed the Institute of Corporate Directors, Directors Education program and is accredited with the ICD.D designation. In 2003, the year of its inception, and in 2004, 2005 and 2006, Ms. Raiss was named to Canada’s Top 100 Most Powerful Women, and in 2007 was inducted into the Top 100 Hall of Fame.

Ms. Raiss has extensive experience in human resources and compensation matters, corporate governance and oil and gas especially as such relate to pipelines.

John K. Read (3), Corporate Director

Calgary, Alberta

John Read became a director in 2010. He is a Professional Engineer with 40 years of experience in engineering project management and construction in the energy industry. Mr. Read was a founding partner of Colt Engineering Corporation in 1974 where he held various engineering and management positions and served as President and/or CEO for 23 years, retiring in early 2006. Mr. Read currently serves on the boards of Axis NetMedia Corporation and PFB Corporation. In the not-for-profit sector, he is currently Chairman of the Ernst C. Manning Awards Foundation.

Mr. Read graduated from the University of Saskatchewan in Mechanical Engineering in 1970 and has experience in oil and gas, project management and construction.

Brant Sangster (3), Corporate Director

Calgary, Alberta

Mr. Sangster became a director in 2006. In 2006, Mr. Sangster also retired as Senior Vice President, Oil Sands with Petro-Canada following a 25-year career as a senior executive with that company. He was responsible for managing Petro-Canada’s oil sands businesses, including its 12% interest in the Syncrude Joint Venture and participation in the Fort Hills mining and upgrading project. Prior to joining Petro-Canada, Mr. Sangster held various strategic planning and operating positions with Imperial Oil Ltd. for 13 years. Mr. Sangster currently serves as a director of Titanium Corporation Inc., Harvest Operations Corp. and Inter Pipeline Fund.

He holds a B.Sc. in Chemical Engineering from Dalhousie Universit

C.E. (Chuck) Shultz (3), Corporate Director

Chairman and Chief Executive Officer
Dauntless Energy Inc.
Calgary, Alberta

Mr. Shultz has been a director of Canadian Oil Sands or one of its predecessors since 1996 and was Chair of the Board from 1996 to 2009. Mr. Shultz is the Chairman and Chief Executive Officer of Dauntless Energy Inc., which he formed in 1995. Prior to that, Mr. Shultz served as President and Chief Executive Officer of Gulf Canada Resources Limited from 1990 to 1995. Mr. Shultz serves as a director of Enbridge Inc. and a director and the Audit Chair as well as interim “Lead Director” of Newfield Exploration Company. He also is a director of several private companies, including Glencoe Resources, Matrix Solutions and Sonoma Resources. In the not-for-profit sector, he currently serves on the board for the Sinneave Family Foundation and the Colorado School of Mines Foundation Board of Governors.

Mr. Shultz graduated from the Colorado School of Mines in Geological Engineering in 1961 and attended the University of Virginia’s Executive Program in 1980 and the Harvard Business School Advanced Management Program in 1984. He has also completed the Institute of Corporate Directors, Corporate Governance program and is accredited with the ICD.D designation. In 2013, Mr. Shultz was awarded the F.ICD (Fellowship) award.

Wesley R. Twiss (2) (3), Corporate Director

Calgary, Alberta

Mr. Twiss became a director in 2001. He is a corporate director with over 40 years of energy industry experience. He was Executive Vice President and Chief Financial Officer of PanCanadian Energy Corporation from October 2000 until April 2002 and was Executive Vice President and Chief Financial Officer of Petro-Canada from 1998 through 2000. In those roles, Mr. Twiss was responsible for directing all aspects of corporate financial affairs, as well as strategic management and corporate development. He is a director of EPCOR Utilities Inc. He has completed the Institute of Corporate Directors, Directors Education program and is accredited with the ICD.D designation.

Mr. Twiss holds a Bachelor of Applied Science in Chemical Engineering from the University of Toronto and a Master of Business Administration from the University of Western Ontario.

John B. Zaozirny, Q.C. (1), Corporate Director

Vice Chairman
Canaccord Genuity Corporation
Calgary, Alberta

Mr. Zaozirny became a director in 1996. He is Vice Chairman of Canaccord Genuity Corporation. He also is a director of PetroAmerica Oil Corp., Pengrowth Energy Corporation, Computer Modelling Group, Bankers Petroleum Inc. and Coastal Energy Co. In addition to his private sector experience, Mr. Zaozirny was in public service as a former Minister of Energy for the Province of Alberta.

Mr. Zaozirny holds an LLB from the University of British Columbia, as well as an LLM from London School of Economics and Political Science. Mr. Zaozirny also has a Bachelor of Commerce from the University of Calgary.


  1. Member of the Corporate Governance and Compensation Committee
  2. Member of the Audit Committee
  3. Member of the Reserves, Marketing Operations and Environmental, Health and Safety Committee
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Alberta Oil Sand(s) Deposits

The four deposits, Athabasca, Peace River, Cold Lake and Wabasca, have total resource in place estimated at 1.7 trillion to 2.5 trillion barrels. The Athabasca Oil Sands deposit, Alberta's largest and most accessible source of bitumen, contains more than one trillion barrels of bitumen over an area encompassing more than 30,000 square kilometers.

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The molasses-like substance that comprises up to 18 per cent of oil sands. Bitumen, in its raw state, is black, asphalt-like oil. It requires upgrading or blending to make it transportable by pipeline and usable by conventional refineries.
Bitumen cracking
A process that breaks large, complex hydrocarbon molecules into smaller, simpler compounds by means of heat.
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Carbon dioxide (CO2)
A non-toxic gas produced from decaying materials, respiration of animal life, and combustion of organic matter, including fossil fuels; carbon dioxide is the most common greenhouse gas produced by human activities.
Vessels in which bitumen is cracked into its fractions and from which coke is withdrawn to start the process of converting bitumen to upgraded crude oil.
Conventional oil
Petroleum found in liquid form, flowing naturally, or capable of being pumped without further processing or dilution.
Specialized equipment that receives oil sand feed and turns it into a slurry form for transport to the pump box.
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An undertaking to systematically remove plant capacity limitations through modifications of existing facilities and/or addition of capital facilities.
Diesel cetane count
A quality specification important in the production of diesel fuels.
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The process of separating bitumen from oil sand.
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Raw material supplied to refinery, oil sands upgrader, or petrochemical plant.
Flue gas scrubber/desulphurizer
Equipment that removes sulphur dioxide and other emissions.
Fluid coking
A major part of the upgrading process whereby high temperatures in a coker break down the complex bitumen molecules, reject carbon and cause bitumen molecules to reformulate into lighter fractions that become the main ingredients in upgraded crude oil.
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Greenhouse gases
Any of the various gases that contribute to the greenhouse effect.
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LC-Finer hydroprocessor
A major upgrading unit that breaks down bitumen by adding hydrogen with the aid of a catalyst to produce gas oil.
The process of optimizing an operational unit or facility to reach its design capacity.
Low-energy extraction
A process for extracting bitumen that uses about one-third of the energy of the traditional process, bringing significant cost and environmental benefits.
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Middle distillates
A classification of refined petroleum products that includes kerosene, diesel, and jet fuel.
Mine train
Modular units for crushing and mixing the oil sands with warm water to facilitate the extraction of bitumen from the oil sands.
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A refined petroleum product in the lighter classification that is often used to make gasoline.
Average realized selling price, after hedging, less operating costs and Crown royalties.
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Oil sand(s)
A composition of sand, bitumen, mineral-rich clays and water.
Oil sand(s) lease
A long-term agreement with the provincial government that permits the leaseholder to extract bitumen, other metals and minerals contained in the oil sands in the specified lease area.
Ore grade
The percentage of bitumen by weight in the oil sands.
Layer of rocky, clay-like material that lies under muskeg and above oil sands deposits.
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Strip ratio
The ratio of waste (overburden material that covers mineable ore) to ore; used to define the quality of an oil sands ore body.
Sulphur dioxide (SO2)
A compound of sulphur and oxygen produced by burning sulphur.
Typically, a synbit blend is a ~50/50 mix of bitumen and synthetic crude oil.
Syncrude Project
Canadian Oil Sands is a pure investment opportunity in light, sweet crude oil. Through our 36.74% interest in the Syncrude project, we offer a solid, robust production stream of fully upgraded crude oil, exposure to future crude oil prices, potential growth through high-quality oil sands leases and an attractive dividend.
Synthetic crude oil (SCO)
A high-quality product resulting from the mining, extraction and upgrading of bitumen.
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A combination of water, sand, silt, fine clay particles and residual hydrocarbon that is a by-product of removing bitumen from oil sand.
Tailings systems
Separation of water from sand and clay to enable incorporation of solids into reclamation landscapes and recycling of water back into the operations.
Tar sands
Oil sands are also referred to as tar sands. Oil sands are a naturally occurring combination of clay, sands, water and bitumen (a heavy, black viscous oil), whereas tar is a man-made substance.
Total volume to bitumen in place (TV/BIP)
The ratio of total ore plus overburden volume to total bitumen in place.
A unit shutdown essential for good maintenance of the mining, producing and upgrading facilities. A turnaround reduces production but does not usually halt it entirely as the various operating units are often duplicated.
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A facility that upgrades bitumen (extra heavy oil) into synthetic crude oil.
The conversion of heavy bitumen into a lighter crude oil by increasing the ratio of hydrogen to carbon, either by removing carbon (coking) or adding hydrogen (hydroprocessing).
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Vacuum Distillation Unit (VDU)
Capable of processing 285,000 barrels of bitumen a day, the VDU pulls streams of light and heavy-gas oil from hot bitumen feed delivered by the diluents recovery unit.
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