Mr. Robert Broen reports

ATHABASCA OIL ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved the renewal of Athabasca Oil Corp.'s normal course issuer bid (NCIB) to purchase up to 55,423,786 common shares during the 12-month period commencing March 18, 2024, and ending March 17, 2025, or such earlier time as the NCIB is completed or terminated at the option of Athabasca. The company's current NCIB is scheduled to expire on March 15, 2024.

Athabasca's renewal of its NCIB is based on the strength of the balance sheet and the company's commitment to augmenting shareholder returns through a buyback program. The company's capital allocation framework balances material near-term return of capital initiatives for shareholders, with a multiyear growth trajectory of cash flow per share. Athabasca sees intrinsic value not reflected in the current share price and, in 2024, is planning to allocate 100 per cent of free cash flow to shareholders through buybacks.

Pursuant to the NCIB, the maximum number of common shares to be purchased represents 10 per cent of the public float, as defined by the TSX. As of March 12, 2024, the company had a public float of 554,237,864 common shares and 564,438,104 common shares issued and outstanding. Purchases will be made on the open market through the facilities of the TSX and/or alternative trading systems in Canada at market prices prevailing at the time of the acquisition. The number of common shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 746,829 common shares (which is equal to 25 per cent of the average daily trading volume on the TSX of 2,987,317 from Sept. 1, 2023, to Feb. 29, 2024), with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. Common shares acquired under the NCIB will be cancelled.

In connection with the NCIB, Athabasca will enter into an automatic share purchase plan (ASPP) with its designated broker to allow for purchases of its common shares under the NCIB during blackout periods. Such purchases would be at the discretion of the broker based on parameters established by the company prior to any blackout period or any period when it is in possession of material undisclosed information. Outside of these blackout periods, common shares will be repurchased in accordance with management's discretion, subject to applicable law.

Under the company's current NCIB, which is scheduled to expire on March 15, 2024, the company was approved by the TSX to repurchase up to 57,967,098 common shares, being 10 per cent of the public float. As of March 12, 2024, the company has repurchased 55,467,400 common shares through market purchases on the TSX and other alternative Canadian securities trading platforms at a volume-weighted average purchase price of approximately $3.82 per common share. The company expects to fully execute the annual NCIB allotment before termination.

About Athabasca Oil Corp.

Athabasca Oil is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta's Western Canadian sedimentary basin, the company has amassed a significant land base of extensive, high-quality resources. Athabasca's light oil assets are held in a private subsidiary (Duvernay Energy Corp.), in which Athabasca owns a 70-per-cent equity interest. Athabasca's common shares trade on the TSX under the symbol ATH.

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