Athabasca Oil Corporation · TSX:ATH
Athabasca Oil — Investor Presentation (January 2026)
26 slides from Athabasca Oil's investor presentation, January 2026
Slide 1: Athabasca Oil Corporation
ATHABASCA OIL CORPORATION FOCUSED | EXECUTING | DELIVERING JANUARY 2026
Slide 2: Our Vision & Strategy
OUR VISION & STRATEGY Low-Decline High-Quality Self-Funded Growth Pristine Balance Sheet Thermal Assets with 90 Year in High-Quality Kaybob with a Net Cash Position Reserve Life Duvernay Oil Play DRIVING VALUE THROUGH PER SHARE GROWTH LIQUIDS GROWTH CFPS GROWTH SHAREHOLDER RETURNS (BOE/D) ($MM; $/SH
Slide 3: Corporate Snapshot
CORPORATE SNAPSHOT ~40,000 BOE/D / 98% LIQUIDS / LOW BASE DECLINE ATHABASCA ASSETS CAPITALIZATION (Q3 CONSOLIDATED) THERMAL OIL THERMAL OIL Dover ~300,000 gross acres Basic Shares (ATH-TSX) 489MM o Predictable, low decline projects West Market Cap. ($7/sh) ~$3,400MM o Compelling SAGD growth Hangings
Slide 4: 2026 Budget & Outlook
2026 BUDGET & OUTLOOK 2026 OUTLOOK (US$65 WTI, US$12.50 DIFF) Thermal Oil Duvernay Energy (100%)* Consolidated Production 37,000 – 39,000 boe/d 32,000 – 34,000 bbl/d ~5,000 boe/d (inclusive of ~2,500 boe/d turnaround impacts) Exit ~43,000 boe/d Adj. Funds Flow ~$425 – $450MM Capital $273MM $38MM ~$3
Slide 5: Robust Free Cash Flow Profile
ROBUST FREE CASH FLOW PROFILE BUSINESS OUTLOOK CONSOLIDATED PRODUCTION (BOE/D)1 100,000 o Growth in Thermal Oil to >60,000 bbl/d Leismer Hangingstone Corner o Duvernay Energy enhances growth 75,000 Duvernay Energy >15% CAGR >20% per share CAGR • Self-funded & independent capital allocation framework
Slide 6: Secured Market Access
SECURED MARKET ACCESS ATHABASCA INITIATIVES o Continues to diversify market access for its development plans • Long-term egress aligned to growth initiatives and long-life assets • Provides protection against local market differential volatility • No balance sheet encumbrances o Diversified contract
Slide 7: Thermal Oil – Asset Overview
THERMAL OIL – ASSET OVERVIEW
Slide 8: Thermal Oil Division
THERMAL OIL DIVISION PREDICTABLE, LOW DECLINE HIGHLIGHTS THERMAL PROPERTIES (MCMURRAY FAIRWAY) 32,000 – 34,000 bbl/d 2026e Average (incl. turnarounds) ~48,000 bbl/d 2027e Exit Rate 2026e Capital $273MM Expenditures 5-year Average ~US$48 WTI Capital Break-Even Sustaining Capital ~$8/bbl (5-year avera
Slide 9: Leismer – Brownfield Growth
LEISMER – BROWNFIELD GROWTH TOP TIER OIL SANDS PROJECT DEVELOPMENT MAP Pad 10M 6 well pairs (spud Dec 2025) o Current production ~28,000 bbl/d o Long reserve life; ~70 year current Reserve Life Index • 694MMbbl 2P reserves; 468MMbbl Best Est. Contingent Resource Pad 11S 6 well pairs (spud H2/25) • ~
Slide 10: Leismer – 40,000 bbl/d Progressive Expansion
LEISMER – 40,000 BBL/D PROGRESSIVE EXPANSION SANCTION JULY 2024 HISTORICAL PRODUCTION & GROWTH OUTLOOK (BBL/D) 40,000 Project Cost ~$300MM Incremental Rate 12,000 bbl/d 30,000 Capital Efficiency ~$25,000/bbl 20,000 McDaniel 2P NPV10 $3.7 billion1 10,000 COMPLETED Regulatory approval 40,000 bbl/d -
Slide 11: Hangingstone – Cash Flow Generation
HANGINGSTONE – CASH FLOW GENERATION DEVELOPMENT MAP PROJECT HIGHLIGHTS o Current production ~9,000 bbl/d o Long reserve life; ~50 year Reserve Life Index • 163MMbbl 2P reserves; $959MM McDaniels 2P NPV10 o Stable SOR at 3.4x with field-wide NCG co-injection 2026 ACTIVITY (~$17MM CAPITAL) o Two-week
Slide 12: Corner – Next Funded Growth Project
CORNER – NEXT FUNDED GROWTH PROJECT DEVELOPMENT MAP TOP TIER OIL SANDS PROJECT o Large de-risked asset • Regulatory approval for 40,000 bbl/d • 351MMbbl 2P & 520MMbbl Contingent Resource (Best Est.) • 304 delineation wells with ~80% 3D seismic coverage o Located in the heart of the McMurray In Situ
Slide 13: Duvernay Energy Corporation
DUVERNAY ENERGY CORPORATION
Slide 14: Duvernay Energy – Corporate Snapshot
DUVERNAY ENERGY – CORPORATE SNAPSHOT PRIVATE COMPANY – ATHABASCA OPERATED KAYBOB DUVERNAY LAND MAP o Unparalleled exposure to Kaybob Duvernay oil window 16-27 (30% WI) o ~200,000 gross acres; ~444 gross well locations IP30 avg = ~1,040 boe/d (89% liquids) IP90 avg = ~945 boe/d (86% liquids) • ~46,00
Slide 15: Duvernay Energy – Development Plans
DUVERNAY ENERGY – DEVELOPMENT PLANS KAYBOB EAST ILLUSTRATIVE ECONOMICS 2026 ACTIVITY ($38MM CAPITAL) 4,000M LATERAL & 1,500 LB/FT (US$65 WTI) o North land retention well (100% WI) 2-WELL 4+ MULTI PAD WELL PAD o Multi-well pad on-stream Q2 2026 (30% WI) Capital (DCET) per well $MM $14 $10 IP365 per w
Slide 16: Duvernay Energy – Kaybob Activity Map
DUVERNAY ENERGY – KAYBOB ACTIVITY MAP DEC DEC MUR JV Oil CNRL Window Cygnet GMT Halo Hitic Liquids Rich Kiwetinohk Logan Gas Window Paramount PetroChina Whitecap Duvernay Hz Wells 2024 DEC 100% Duv. spuds DEC 100% OPERATED ASSETS 2025 Duv. Spuds 2025 DEC MUR Wells DEC 30% JV ASSETS DEC 2025 Multi-we
Slide 17: Appendix
APPENDIX
Slide 18: Capitalization & Hedging
CAPITALIZATION & HEDGING LONG-TERM DEBT CONSOLIDATED CAPITAL STRUCTURE o C$200MM 2029 Unsecured Notes • Issued August 2024; 5-year term to 2029 • 6.75% coupon ~$3,400MM STRONG LIQUIDITY Market Cap ($7/share) o AOC Liquidity of ~$418MM, including $335MM cash $1.7MM DEC RBL o DEC Liquidity of ~$48MM $
Slide 19: Differentiated Long-Life Reserves
DIFFERENTIATED LONG-LIFE RESERVES 2024 RESERVE & RESOURCE OVERVIEW 2P RESERVES BY ASSET (MMBOE) o Deep resource inventory 73 • ~1.3 billion boe 2P reserves; ~90 year reserve life 351 • ~1 billion bbl contingent resource o Significant intrinsic value; $6.4 billion 2P NPV10 • PDP: $3.54/sh (up 14% Y/Y
Slide 20: Valuable Tax Pools
VALUABLE TAX POOLS TAX POOL SUMMARY (Q3 2025) ILLUSTRATIVE TAX POOL VALUATION (NPV10) $250MM annual deduction ~$260MM ~$0.50/sh $500MM annual deduction ~$360MM ~$0.70/sh ~$2.1B $750MM annual deduction ~$395MM ~$0.75/sh Fully Maximized ~$430MM ~$0.80/sh ~$1.7B Tax pool valuations as at September 30,
Slide 21: Thermal Oil – Crown Royalty Advantage
THERMAL OIL – CROWN ROYALTY ADVANTAGE CROWN ROYALTY OVERVIEW o Royalty structure depends on whether a project is in pre-payout or post-payout phase o Pre-payout advantage designed to support the recovery of the initial investment OIL SANDS ROYALTY RATES 25-40% Royalty on Gross Revenue less Opex & Ca
Slide 22: Duvernay Energy – Infrastructure
DUVERNAY ENERGY – INFRASTRUCTURE INFRASTRUCTURE ADVANTAGE o Significant owned and operated infrastructure o Underutilized capacity with flexibility for future expansions o Oil infrastructure directly connected to the Pembina Peace liquids system o Gas infrastructure dually connected to Pembina Gas I
Slide 23: Management Team
MANAGEMENT TEAM o President and Chief Executive Officer since 2015; 13 years at Athabasca Rob Broen, P.Eng. o Over 30 years of exploration and production experience including 18 years with Talisman Energy with roles as President & Chief Executive President, Talisman Energy USA Inc. and Senior Vice P
Slide 24: Reader Advisory
READER ADVISORY Forward Looking Statements This Presentation contains forward-looking information that involves various risks, uncertainties and other factors. Within this Reader Advisory and Forward Looking Statements, references to the “Company” means Athabasca and Duvernay Energy, as and where ap
Slide 25: Reader Advisory Cont'd
READER ADVISORY CONT’D Initial Production Rates Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not nece
Slide 26: Reader Advisory Cont'd
READER ADVISORY CONT’D Sustaining Capital is management’s assumption of the required capital to maintain the Company’s production base. Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus inc