Athabasca Oil Corporation · TSX:ATH
Athabasca Oil — Q3 2025 Earnings Presentation
26 slides from Athabasca Oil's earnings presentation, Oct 29, 2025
Slide 1: Athabasca Oil Corporation Q3 2025 Results
ATHABASCA OIL CORPORATION ATHABASCA OIL CORPORATION OCTOBER 29, 2025 - Q3 2025 RESULTS
Slide 2: Our Vision & Strategy
ATHABASCA “OIL CORPORATION OUR VISION & STRATEGY Low-Decline High-Quality ei Tere Pristine Balance Sheet Thermal Assets with 90 Year in High-Quality Kaybob with Net Cash Position Reserve Life Duvernay Oil Play IVING VALUE THROUGH PER SHARE GROWTH LIQUIDS GROWTH CFPS GROWTH SHAREHOLDER RETURNS (BOE/D
Slide 3: Corporate Snapshot
CORPORATE SNAPSHOT ATHABASCA “OIL CORPORATION ~40,000 BOE/D / 98% LIQUIDS / LOW BASE DECLINE ATHABASCA ASSETS CAPITALIZATION (CONSOLIDATED) THERMAL OIL THERMAL OIL . . . rela “300,000 gross acres :. o Predictable, low decline projects West Basic Shares (ATH-TSX) 489MM o Efficient brownfield SAGD dev
Slide 4: Q3 2025 Results
ATHABASCA Q3 2025 RESULTS — Production Cash Flow Netbacks 2025e 37,500 — 39,500 boe/d {trending to high end of guidance) $0.26/sh FFO Capital Pristine Balance Sheet 100% Return of Capital ~34 million Shares Repurchased YTD 2025e ~$325MM Strategic Flexibility All numbers represent consolidated corpor
Slide 5: Robust Free Cash Flow Profile
ROBUST FREE CASH FLOW PROFILE BUSINESS OUTLOOK o Thermal Oil assets with low base decline * Leismer brownfield growth to 40,000 bbl/d by 2027 * Hangingstone steady free cash flow generation * Corner ramp up to ~15,000 bbl/d by 2029 * Self-funded modular growth to 40,000 bbi/d (sanction ready in 2026
Slide 6: Thermal Oil - Asset Overview
THERMAL OIL - ASSET OVERVIEW
Slide 7: Thermal Oil Division
THERMAL OIL DIVISION PREDICTABLE, LOW DECLINE ATHABASCA “OIL CORPORATION HIGHLIGHTS ~37,000 bbl/d 2025e Capital ~$250MM Expenditures ~US$50 WTI Growth Capital Break-Even Sustaining Capital (5-year average) ~$8/bbl 404MMbbI | 1p Reserves 1,209MMbbI } 2P Reserves 1,023MMbbI § 2C Resource (Best 2P 2c F
Slide 8: Leismer - Brownfield Growth
ATHABASCA LEISMER - BROWNFIELD GROWTH sevens TOP TIER OIL SANDS PROJECT DEVELOPMENT MAP — o Current production ~28,000 bbl/d o Long reserve life; ~70 year current Reserve Life Index * 694MMbbI 2P reserves; 468MMbbI Best Est. Contingent Resource * ~50 year 2P RLI at 40,000 bbl/d well pana, pairs (on
Slide 9: Leismer - 40,000 bbl/d Progressive Expansion
ATHABASCA “OIL CORPORATION LEISMER - 40,000 BBL/D PROGRESSIVE EXPANSION HISTORICAL PRODUCTION & SANCTION JULY 2024 GROWTH OUTLOOK (BBL/D) 40,000 Project Cost ~$300MM Incremental Rate 12,000 bbl/d 30,000 Capital Efficiency ~$25,000/bbl 20,000 10,000 COMPLETED Y Regulatory approval 40,000 bbl/d : . .
Slide 10: Hangingstone - Cash Flow Generation
ATHABASCA HANGINGSTONE - CASH FLOW GENERATION *~™ DEVELOPMENT MAP 7 w PROJECT HIGHLIGHTS o Current production ~9,000 bbl/d o Long reserve life; ~50 year Reserve Life Index * 163MMbbI 2P reserves; $959MM McDaniels 2P NPV10 o Improved SOR due to the field wide NCG co-injection * 3.4x average in 2024 2
Slide 11: Corner - Future Growth
CORNER - FUTURE GROWTH TOP TIER OIL SANDS PROJECT o Large de-risked asset * Regulatory approval for 40,000 bbl/d * 351MMbbI 2P & 520MMbbI Contingent Resource (Best Est.) * 304 delineation wells with ~80% 3D seismic coverage o Located in the heart of the McMurray In Situ fairway + Adjacent to Leismer
Slide 12: Duvernay Energy
ATHABASCA OIL CORPORATION
Slide 13: Duvernay Energy - Corporate Snapshot
ATHABASCA “OIL CORPORATION DUVERNAY ENERGY - CORPORATE SNAPSHOT PRIVATE COMPANY o Athabasca operated; Cenovus 30% equity owner o Unparalleled exposure to Kaybob Duvernay oil window ™ ASSET HIGHLIGHTS o ~200,000 gross acres; ~444 gross well locations * ~46,000 acres 100% WI newly operated position *
Slide 14: Duvernay Energy - Kaybob Activity Map
ATHABASCA “OIL CORPORATION DUVERNAY ENERGY - KAYBOB ACTIVITY MAP R25WS_ R23WS- R21W5 RI9WS: RI7WS- RISWS- 16s!) J res See N SS ~ it \ \ MK [T64 mm S IK a Nil Ss N 6a I ol hee ui \ io O 60 J — reo BE & ] 1) [ | TSB \TS8 DEC 100% NEW OPERATED ASSETS ROWS ROWS ROWS RIgWS RIWS RISWS ATHABASCA OIL (TSX:A
Slide 15: Duvernay Energy - Development Plans
ATHABASCA ‘OIL CORPORATION DUVERNAY ENERGY - DEVELOPMENT PLANS KAYBOB EAST ILLUSTRATIVE ECONOMICS 2025 ACTIVITY (~$75MM CAPITAL) 4,000M LATERAL & 1,500 LB/FT (US$70 WTI) o 100% working interest operated activity 2-WELL = 4+ MULTI PAD WELL PAD * Three-well pad completed in September; on-stream Q4 Cap
Slide 16: Appendix
Slide 17: Capitalization & Hedging
CAPITALIZATION & HEDGING LONG-TERM DEBT o CS200MM 2029 Unsecured Notes * Issued August 2024; 5-year term to 2029 * 6.75% coupon STRONG LIQUIDITY o AOC Liquidity of ~$418MM, including $335MM cash © DEC Liquidity of ~S48MM o Facilities utilized for transportation LCs & hedging capacity EXCELLENT EXPOS
Slide 18: Differentiated Long-Life Reserves
ATHABASCA DIFFERENTIATED LONG-LIFE RESERVES “oe 2024 RESERVE & RESOURCE OVERVIEW 2P RESERVES BY ASSET (MMBOE) o Deep resource inventory * ~1.3 billion boe 2P reserves; ~90 year reserve life * ~1 billion bbl contingent resource © Significant intrinsic value; $6.4 billion 2P NPV10 * PDP: $3.54/sh (up
Slide 19: Market Access
ATHABASCA MARKET ACCESS SI cnPoUTIN HIGHLIGHTS o Positive structural changes for Canadian heavy oil + Alberta crude inventories near seasonal lows * Trans Mountain Expansion (+590 mbbl/d) o Diversified long-term contracted market access (33% of expanded Leismer & Hangingstone capacity protected) * E
Slide 20: Valuable Tax Pools
VALUABLE TAX POOLS TAX POOL SUMMARY (Q3 2025) ATHABASCA “OIL CORPORATION GS ILLUSTRATIVE TAX POOL VALUATION (NPV10) $250MM annual deduction $500MM annual deduction $750MM annual deduction Fully Maximized = Non-Capital Loss (100% Deductible) ™ Canadian Cost Allowance - Class 41 & Other (25%) ™ Canadi
Slide 21: Thermal Oil - Crown Royalty Advantage
ATHABASCA “OIL CORPORATION 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 45% ——Pre-Payout <=
Slide 22: Duvernay Energy - Infrastructure
ATHABASCA “OIL CORPORATION 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
Slide 23: Management Team
ATHABASCA MANAGEMENT TEAM Se HoRTON President and Chief Executive Officer since 2015; 12 Years at Athabasca Over 30 years of exploration and production experience including 18 years with Talisman Energy with roles as President, Talisman Energy USA Inc. and Senior Vice President, North American Shale
Slide 24: Reader Advisory
ATHABASCA READER ADVISORY oecononron 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 En
Slide 25: Reader Advisory Cont'd
ATHABASCA “OIL CORPORATION 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 di
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. ATHABASCA ‘OIL CORPORATION Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and