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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

Mr. Lowry became a director in April 2007, and assumed the role of Chair of the Board on October 1, 2009. He served as the President and Chief Executive Officer of EPCOR Utilities Inc. from January 1998 until March 2013, at which time he retired and remained as an executive advisor until July 2013. Mr. Lowry became Chairman of Capital Power Corporation, a publicly traded company formed when EPCOR spun off its generation business in July of 2009. He also serves as a director of Hydrogenics Corporation, Melcor Real Estate Investment Trust, and Stantec Inc.

Mr. Lowry holds a Bachelor of Commerce (Hons) degree and an MBA from the University of Manitoba, and is a graduate of the Harvard Advanced Management Program and the Banff School of Management.

He has more than 30 years of industry experience, specifically in the utilities, telecommunications and power generation sectors. In 2013, Mr. Lowry was named Alberta’s Energy Resource Person of the Year by the Alberta Chamber of Resources.

Ian A. Bourne (2), Corporate Director

Calgary, Alberta

Mr. Bourne became a director in November 2007. He is the Chair of Ballard Power Systems Inc., a director of the Canada Pension Plan Investment Board, and a director of Wajax Corporation. Mr. Bourne is also a director of the Canadian Public Accountability Board, which regulates the auditors of public issuers in Canada.

Mr. Bourne obtained a Bachelor of Commerce degree at Mount Allison University in 1969. He is a member of the Institute of Corporate Directors. He 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.

Throughout his career, Mr. Bourne has acquired extensive experience, in particular, in the areas of risk management and finance, information technology, power generation, manufacturing operations, compensation policies, practices and programs and corporate governance.

Gerald W. Grandey (1) (3), Corporate Director

Saskatoon, SK

Mr. Grandey became a director in 2011. He is the former Chief Executive Officer 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, Rare Element Resources Ltd. and Sandspring Resources Ltd. In the not for profit sector, he serves on the boards of Persephone Theatre, 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 was a director of Cameco from 2000 to June 2011. Mr. Grandey is also a member of the National Board of the Institute of Corporate Directors. Mr. Grandey has been inducted into the Canadian Mining Hall of Fame and has been recognized by both the Canadian Nuclear Association and the U.S. Nuclear Energy Institute for leadership in nuclear energy.

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

Mr. Grandey has extensive experience in the nuclear and mining industries, in business development, finance, human resources and government, media and investor relations.

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

Calgary, Alberta

Mr. Korpach became a director in 2013. He is a Corporate Director and retired Vice Chairman of Investment Banking at CIBC World Markets Inc. He 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 currently serves on the boards of Canexus Corporation and Freehold Royalties Ltd. He is the past 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. He has completed the Institute of Corporate Directors, Directors Education program and is accredited with the ICD.D designation.

He has experience in the areas of oil and gas, capital markets, finance and corporate governance.

Ryan M. Kubik, Corporate Director

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

Mr. Kubik was appointed President and Chief Executive Officer and became a director of Canadian Oil Sands Limited on January 1, 2014. He also serves as a Director and Chair of the Board of Syncrude Canada Ltd. In addition, Mr. Kubik Chairs the Syncrude Joint Venture CEO and Management Committees.

Mr. Kubik is a member of the Canadian Council of Chief Executives and the Canadian Association of Petroleum Producers’ Board of Governors.

Mr. Kubik has more than 20 years of finance experience in the energy sector, holding progressively senior positions with EnCana Corporation, PanCanadian Energy and PricewaterhouseCoopers. Mr. Kubik has a Bachelor of Commerce degree from the University of Calgary and holds Chartered Accountant and Chartered Financial Analyst designations. He has completed the Institute of Corporate Directors, Directors Education program and is accredited with the ICD.D designation.

Mr. Kubik has experience in the areas of finance, risk management, business development, strategic planning, capital markets, and investor relations.

Sarah E. Raiss (1) (2), Corporate Director

Calgary, Alberta

Ms. Raiss became a director 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 was on the Calgary Petroleum Club Board of Governors until May 2014 and served as that organization's President from May of 2012 to May of 2013.

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 (1) (3), Corporate Director

Calgary, Alberta

Mr. 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 Axia NetMedia Corporation and PFB Corporation. In the not-for-profit sector, he is currently Chairman of the Ernest C. Manning Awards Foundation.

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

Brant Sangster (3), Corporate Director

Calgary, Alberta

Mr. Sangster became a director in September 2006. Mr. Sangster retired as Senior Vice President, Oil Sands of Petro-Canada in 2006, 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. Mr. Sangster currently serves as a director of Titanium Corporation Inc. and Inter Pipeline Fund.

He has a Bachelor of Science degree in Chemical Engineering from Dalhousie University.

Mr. Sangster has over 38 years of experience in the energy industry, with experience specific to oil sands mining and SAGD as well as marketing.

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, Mr. Twiss was responsible for directing all aspects of corporate financial affairs, as well as strategic management and corporate development. He has completed the Institute of Corporate Directors, Directors Education program and is accredited with the ICD.D designation.

Mr. Twiss has a Bachelor of Applied Science degree in Chemical Engineering from the University of Toronto and an MBA from the University of Western Ontario.

Mr. Twiss has acquired extensive experience in the areas of oil and gas, capital markets, finance, human resources and pipelines.

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, an executive position, of Canaccord Genuity Corporation. He also is a director of Bankers Petroleum Inc., the lead independent director of Computer Modelling Group, Chair of Pengrowth Energy Corporation and a director of PetroAmerica Oil Corp. 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 degree from the University of Calgary.

He has experience in the areas of oil and gas, capital markets, corporate governance, human resources and government relations.


  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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