Corporate Update (AOC IR Deck September 2026 vF)

ATHABASCA OIL CORPORATION

FOCUSED | EXECUTING | DELIVERING

SEPTEMBER 2026

LIQUIDS GROWTH (BOE/D)

Liquids Gas

CFPS GROWTH ($MM; $/SH) SHAREHOLDER RETURNS ($MM)

Free Cash Flow

OUR VISION & STRATEGY

High-Quality Thermal Assets

Low-Decline 85 Year Reserve Life

Kaybob Duvernay Oil Play

Self-Funded Growth in High-Quality Area

Pristine Balance Sheet

Net Cash Position

Driving Value Through per Share Growth

ATHABASCA OIL (TSX:ATH) 2026 strip pricing (July 23): US$83.39 WTI, US$14.37 WCS diff, C$1.91 AECO, 0.72 C$/US$ FX. 2027+ pricing: US$70 WTI, US$12.50 WCS diff, C$3 AECO, 0.725 C$/US$ FX.

Compound Annual Growth Rate "CAGR". See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

1

CORPORATE SNAPSHOT

~40,000 BOE/D / 98% LIQUIDS / LOW BASE DECLINE

THERMAL OIL

ATHABASCA ASSETS CAPITALIZATION (Q2 CONSOLIDATED)

• Predictable, low decline projects

• Compelling SAGD growth

• Unparalleled reserve scale (1.2 billion bbl 2P)

  DUVERNAY ENERGY CORP. ("DEC") DUVERNAY ENERGY

  ~200,000 gross acres

  Dover West

  THERMAL OIL

  
  
  

  Basic Shares (ATH-TSX)	482MM
  Market Cap. ($11/sh)	~$5,300MM
  Daily Trading Liquidity	~$42MM
  Net Cash	$62MM
  Cash /	$292MM
  Liquidity	$826MM
  Tax Pools	$2.1B

  ~300,000 gross acres

  Hangingstone

  Corner

  Leismer

• Pure play Duvernay subsidiary

• Self-funded & flexible development

• De-risked resource and high margins

  Kaybob

  Two Creeks

  Thermal Oil

  DEC

  (100%)

  Consolidated

  Adj. Funds

  Flow ($MM)

  ~$550 - $575

  PRODUCTION BY ASSET 2026 GUIDANCE (STRIP PRICING)

  DEC

  Production

  (boe/d)

  32,000 - 34,000

  inclusive of ~1,800 turnaround impact

  ~5,000

  37,000 - 39,000

  Exit ~45,000

  ~40,000 boe/d

  98% Liquids

  Capital

  ~$340

  ~$80

  ~$420

  CANADA

  ($MM)

  Thermal Oil

  
  
  

  ATHABASCA OIL (TSX:ATH) Condensate NGLs, 1% Other NGLs. See reader advisory "Additional Oil and Gas Information" and "Non-GAAP Financial Information" for more information.

  Basic shares & capitalization as at June 30, 2026. 2026 strip pricing (July 23): US$83.39 WTI, US$14.37 WCS diff, C$1.91 AECO, 0.72 C$/US$ FX. 2026 production: 90% Bitumen, 2% natural gas (comprised of 99%+ of shale gas), 7%

  2

  
  
  

  BUILDING AN OIL CHAMPION

  
  
  PRODUCTION GROWTH PER ADJ SHARE (2026-31E)1

  >200,000 boe/d2

  Corner

  Leismer

  Hangingstone

>100,000 boe/d

97% Liquids

~75,000 boe/d

95% Liquids

~45,000 boe/d

98% Liquids

Expansions underway

Regulatory approvals in place

Future Growth

ATHABASCA OIL (TSX:ATH)

1Source: Peters & Co. Limited estimates. Production per share growth is debt, dividend and M&A adjusted. Assumes current strip pricing as of July 27, 2026.

2200,000 boe/d long-term growth potential not to scale.

3

ROBUST FREE CASH FLOW PROFILE

ROBUST FREE CASH FLOW

$1,000

$750

Free Cash Flow

Adj. Funds Flow

per MM share (RHS)

>20% cash flow per share CAGR

$3.00

$2.50

$2.00

>20% cash flow per share CAGR over the next 5 years

$500

$250

$1.50

$1.00

$0.50

$0

2022 2026e 2030e

$0.00

ATHABASCA OIL (TSX:ATH)

1Funds Flow outlook assumes AOC 100% Thermal Oil and DEC 70%. 2026 strip pricing (July 23): US$83.39 WTI, US$14.37 WCS diff, C$1.91 AECO, 0.72C$/US$ FX. 2027+ pricing: US$70 WTI, US$12.50 WCS diff, C$3 AECO, 0.725 C$/US$ FX.

Compound Annual Growth Rate "CAGR". See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

4

TMX

EXPOSURE TO A BULLISH OIL THESIS

CANADIAN HEAVY OIL

• Supply risk embedded in the market

  • Middle East disruption threatens ~20mmbbl/d of oil flows

  • Global inventories leave limited buffer for a prolonged physical shortfall

  • Damage to Middle East energy infrastructure extends outage risk

• Egress outlook - positive for Canadian heavy differentials

  • Planned expansions add 1.2 mmbbl/d (TMX, ENB optimization & South Bow)

  • Incremental 1 mmbbl/d West Cost Pipeline proposed by AB government

LIQUIDS PIPELINES ATHABASCA BLENDED SALES DIVERSIFICATION

Source: Peters & Co. Research

SOBO

Keystone

ENB

Express

Flanagan

ENB

Mainline

PAD III - US

Gulf Coast

PAD II - US

Midwest

TMX

ENB

Mainline

SOBO

Keystone

ENB

Express

PAD II - US

Midwest

Flanagan

PAD III - US

Gulf Coast

CANADIAN EGRESS OUTLOOK

100,000

75,000

50,000

25,000

-

US Midwest

USGC

Alberta

2026 2027 2028 2029 2030

~65% volumes committed to PADD II & III long-term

Source: Peters & Co. Research - WCSB Oil Supply and Takeaway (July 14, 2026). New Pipeline Capacity includes South Bow Prairie Connector & West Coast Pipeline.

ATHABASCA OIL (TSX:ATH)

Athabasca blended dilbit sales exposure includes Corner Phase 1 production forecast.

5

THERMAL OIL - ASSET OVERVIEW

THERMAL OIL DIVISION

PREDICTABLE, LOW DECLINE

ATHABASCA OIL (TSX:ATH)

Consolidated reserves & resources as of December 31, 2025. Contingent Resources Best Estimate. Calculation for Reserve Life Index ("RLI") is 2025 year end reserves divided by future plateau production forecast. Breakeven price reflects

sustaining capital and growth capital funded within funds flow. Sustaining Capital is management's assumption of the required capital to maintain the Company's production base (incl. sustaining well pairs, pump changes and maintenance). See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

7

HIGHLIGHTS

PRODUCING MCMURRAY THERMAL PROPERTIES

32,000 - 34,000 bbl/d 2026e Average (incl. turnarounds)

~48,000 bbl/d 2027e Exit Rate

~$340MM 2026e Capital

Expenditures

~US$55 WTI 5-year Growth Capital

Break-even (incl. Corner)

Sustaining Capital

~$8/bbl (5-year average)

392MMbbl

1,201MMbbl 1,020MMbbl

1P Reserves

2P Reserves

2C Resource (Best Est.)

LEISMER - BROWNFIELD GROWTH

TOP TIER OIL SANDS PROJECT

• Expansion to 40,000 bbl/d underway

• Long reserve life

  • 687MMbbl 2P reserves; 464MMbbl Best Est. Contingent Resource

  • ~50 year 2P RLI at 40,000 bbl/d

• High quality reservoir underpins low corporate decline

  • New wells have flat production profile for ~5 years

  • ~3x long-term steam oil ratio

    
    
    

    Pad 10N/11N

    Upcoming 9 well pairs

    Pad 10M

    6 well pairs

    Pad 11S

    6 well pairs

    
    
    DEVELOPMENT MAP 2026 ACTIVITY (~$270MM CAPITAL)

• Operating Netback of ~$49/bbl in Q2

• Staged steaming of 12 new well pairs started in July

• Drilling to commence on nine additional well pairs & three redevelopment wells in H2

• Plant expansion substantially complete by year-end

• Progressive growth

  • ~31,000 bbl/d 2026 exit

  • ~40,000 bbl/d 2027 exit

40,000

30,000

20,000

LEISMER DEVELOPMENT (BBL/D)

Base and Sustaining Production Sanctioned 40k Expansion

SOR

2030

Turnaround

8.0

6.0

4.0

10,000

2026

Turnaround

2.0

0

2022 2023 2024 2025 2026 2027 2028 2029 2030

0.0

ATHABASCA OIL (TSX:ATH)

Reserves and resources as of December 31, 2025.

See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

8

LEISMER - 40,000 BBL/D EXPANSION

SANCTION JULY 2024

40,000

HISTORICAL PRODUCTION & GROWTH OUTLOOK (BBL/D)

Project Cost

~$300MM

Incremental Rate

12,000 bbl/d

Capital Efficiency

~$25,000/bbl

30,000

COMPLETED

• Regulatory approval 40,000 bbl/d

• Established transportation to Edmonton

• Long-lead steam generators acquired counter-cyclically

• Landed major equipment including steam generators, heat

  20,000

  10,000

  -

  2022

  Average

  2023

  Average

  2024

  E

  Average

  2025

  Exit

  2026

  Exit

  2027

  Exit

  exchangers and vessels

  SCOPE

  • Facility capacity expansion

    • ~130,000 bbl/d steam generation

    • 40,000 bbl/d bitumen processing

  • ~$300MM capital (substantially complete by year-end 2026)

    • ~$190MM CPF capital

    • ~$110MM well pair capital

      EXPANSION PRODUCTION SCHEDULE

      			2026					2027
      Well Pairs Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar

      Steaming

      Production

      2

      3

      1

      2

      3

      1

      Phase 1

      91,000 bbl/d steam capacity

      Phase 2

      110,000 bbl/d steam capacity

      Phase 3

      130,000 bbl/d steam capacity

      ATHABASCA OIL (TSX:ATH) See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information. 9

HANGINGSTONE - CASH FLOW GENERATION

PROJECT HIGHLIGHTS

14,0

HANGINGSTONE DEVELOPMENT (BBL/D)

00

00

00

00

00

4.0x

00

00

3.0x

Steaming ne

well pairs

0 2.0x

12,0

10,0

8,0

6,0

DEVELOPMENT MAP

8.0x

7.0x

6.0x

5.0x

SOR

4,0

w

2,0

ATHABASCA OIL (TSX:ATH)

Reserves and resources as of December 31, 2025. Calculation for Reserve Life Index ("RLI") is 2025 year end reserves divided by production of ~8,500 bbl/d.

See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

10

ATHABASCA OIL (TSX:ATH)

Reserves and resources as of December 31, 2025. 1 External reservoir properties taken from Alberta Energy Regulator D54 presentations.

See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

11

CORNER - NEXT FUNDED GROWTH PROJECT

TOP TIER OIL SANDS PROJECT

• Large de-risked asset

  • Regulatory approval for 40,000 bbl/d

  • 353MMbbl 2P & 520MMbbl Contingent Resource (Best Est.)

  • 304 delineation wells with ~80% 3D seismic coverage

    EXCEPTIONAL RESERVOIR QUALITY

• Located in the heart of the McMurray In Situ fairway

  • Adjacent to Leismer with shared area infrastructure

• High quality reservoir; anticipate iSOR of ~2.5x in Phase 1

  REGIONAL MAP ANALOGOUS REGIONAL MCMURRAY RESERVOIR PROPERTIES 1

  			CVE	CVE	MEG CNRL
  Properties	Corner	Leismer	Foster	Christina	Christina Jackfish
  			Creek	Lake	Lake
  Depth (m TVD)	497	445	500	325-400	359	400-459

  GBIP Thickness (m) Up to 45 Avg. 21	Up to 40 Avg. 25	Up to 30	Up to 45	24	17.6
  GBIP Oil Saturation (%) 84	81	85	80	60-85	75
  GBIP Effective Porosity 35	34	34	31	30-36	34
  GBIP Hz Perm (D) 6.1	5.4	Up to 10	Up to 10	5	Up to 5.4

  (%)

  
  
  

  CORNER - 40,000 BBL/D MODULAR GROWTH

  PHASE 1

• 15,000 bbl/d modular facility design

  • First steam early 2029; ramp-up to capacity by year-end 2029

• Competitive economics

  • Capital estimated at ~$560MM

  • ~$36,500/bbl/d capital efficiency

    DEVELOPMENT MAP FUTURE PHASES

• Advancing regional infrastructure & long-lead items

• Optionality to accelerate Phases 2 & 3 to 40,000 bbl/d

  FULLY-FUNDED WITHIN CASH FLOW

• Majority of Phase 1 capital expected in 2027-28

• Free Cash Flow inflection as Leismer expansion concludes

• Protected by low break-evens and strong balance sheet

50,000

40,000

30,000

CORNER DEVELOPMENT (BBL/D)

Corner Phases 2 & 3

Corner Phase 1

20,000

10,000

0

2026 2028 2030 2032 2034 2036 2038 2040 2042 2044

ATHABASCA OIL (TSX:ATH)

See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information.

12

CORNER - ROAD TO FIRST OIL

2026 ACTIVITIES UNDERWAY (~$55MM)

• Road and pad-site preparation underway

• Finalized design and lump-sum proposal for CPF

• Secured critical path contracts

  • Gas feedstock & egress

    SANCTION TIMING

• Sanction expected following confirmation of details on Alberta's new oil sands fiscal framework

  SANCTION TO FIRST OIL TIMELINE CORNER CPF SITE
  
  
  
  PHASE 1 FACILITY 3D MODEL

  2026

  2027

  2028

  2029

  Regulatory

  Site Prep

  Contracts & Cost Estimates Construction

  Steaming

  First Oil

  Sanction Ready

  ATHABASCA OIL (TSX:ATH) See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information. 13

DUVERNAY ENERGY CORPORATION

DUVERNAY ENERGY - CORPORATE SNAPSHOT

SUBSIDIARY COMPANY - ATHABASCA OPERATED

• Unparalleled exposure to Kaybob Duvernay oil window

• ~200,000 acres; ~432 well locations

• Ownership of strategic infrastructure

• Strong and established well results

  LONG-TERM ACTIVITY

• Flexible development plans self-funded

• Impactful activity on 100% WI acreage, augmented by joint venture assets

  KAYBOB DUVERNAY LAND MAP VALUE PROPOSITION

• Self-funded growth >15,000 boe/d (75% Liquids) by 2030

• Value crystallization expected as material scale is reached

  Equity Ownership

  DEC 30% JV ASSETS

  DEC 100% OPERATED ASSETS

  
  
  2026 OUTLOOK

  70% AOC / 30% CVE

  2026e Production (gross)

  2026e Exit rate (gross)

  ~5,000 boe/d

  ~35% annual growth

  ~6,000 boe/d

  2026e Capital (gross)

  ~$80MM

  
  
  

  ATHABASCA OIL (TSX:ATH)

  See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and Production Disclosure" for more information. ~200,000 gross acres comprised of ~46,000 acres 100% working

  interest and ~155,000 acres 30% working interest.

  15

  
  
  

  DUVERNAY ENERGY - DEVELOPMENT PLANS

  2026 ACTIVITY (~$80MM CAPITAL)

• Competitive liquids rich netbacks

  • ~$70/boe Q2 2026

  • Free condensate, low operating costs, no GORRs

• 4-well pad at 7-15 on stream in April (30% WI)

  • IP30 1,501 boe/d per well (90% Liquids)

    
    
    

• 3-well pad at 5-17 (100% WI) commenced drilling in July and expected on stream Q4

KAYBOB DUVERNAY LAND MAP

Land retention well

(100% WI)

16-27 (30% WI) 4-well pad

IP30 avg = ~1,040 boe/d (89% liquids) IP90 avg = ~945 boe/d (86% liquids)

05-17 (100% WI) 3-well pad

Expected on stream Q4 2026

07-15 (30% WI) 4-well pad

IP30 avg = 1,501 boe/d (90% liquids) IP60 avg = 1,266 boe/d (90% liquids)

04-18 (100% WI) 3-well pad

IP30 avg = ~1,125 boe/d (90% liquids) IP90 avg = ~945 boe/d (86% liquids)

KAYBOB EAST ILLUSTRATIVE ECONOMICS

4,000M LATERAL & 1,500 LB/FT (US$70 WTI)

2,000

1,500

1,000

500

0

KAYBOB ILLUSTRATIVE TYPE CURVE (BOE/D)

DEC 03-18 2-well pad average (~4,000 m lateral) JDA 16-27 4-well pad average (~5,000 m lateral) DEC 04-18 3-well pad average (~4,000 m lateral) JDA 07-15 4-well pad average (~4,600 m lateral) KE Type Curve (3,500 & 4,000 m lateral)

0 3 6 9 12 15 18 21 24 27 30 33 36

Months

ATHABASCA OIL (TSX:ATH)

See reader advisory "Oil and Gas Information" and "Non-GAAP and other Financial Measures and

Production Disclosure" for more information.

Flat long term commodity prices for Illustrative Type Curve Economics (US$70 WTI, C$3 AECO, 0.725 C$/US$ FX).

16

APPENDIX

Q2 2026 RESULTS

Production

32,110 boe/d (97% Liquids)

~7,200 boe/d turnaround impact in Q2

Exit ~45,000 boe/d

Cash Flow

$123MM Adjusted Funds Flow

~7,800 bbl/d June inventory sold in July

$0.25/sh FFO

Netbacks

~$49/bbl Thermal Op. Netback ~$70/boe Duvernay Op. Netback

Capital

$77MM Thermal Oil $7MM DEC

100% Return of Capital

~$70MM buybacks year-to-date

~24% reduction in share count since Q1 2023

Pristine Balance Sheet

$62MM Net Cash $826MM Liquidity

2026e ~$420MM

All numbers represent consolidated corporate results. Q2 2026 production volumes by product: 27,173 bbl/d Bitumen, 5,360 mcf/d natural gas (>99% shale gas), 371 bbl/d other NGLs, 3,673 bbl/d Oil (>99% tight oil).

ATHABASCA OIL (TSX:ATH) Net Cash = face value of long-term debt less working capital surplus (excl. risk management & warrant liability). See reader advisory "Additional Oil and Gas Information", "Reserve Information" and "Non-GAAP Financial Information" for

18

more information. Share count reduction calculated using fully diluted shares outstanding.

DUVERNAY ENERGY - KAYBOB ACTIVITY MAP

Oil

Window

Liquids Rich

Gas Window

DEC 30% JV ASSETS

DEC 100% OPERATED ASSETS