Mr. Matthew Taylor reports

ATHABASCA OIL CORPORATION ANNOUNCES NEW $500 MILLION FOUR-YEAR CREDIT FACILITY AND EXPANDED DUVERNAY ENERGY CREDIT FACILITY

Athabasca Oil Corp. has closed a new $500-million covenant-based credit facility with the Canadian bank market. The facility has a four-year term to May, 2030, and includes annual extension rights. Duvernay Energy has also closed an upsized $75-million reserve-based credit facility. Pro forma for the new facilities, consolidated liquidity is approximately $870-million.

The new credit facilities enhance Athabasca's capital structure with expanded liquidity, enhanced durability and a lower cost of capital. The pro forma capital structure supports the company's fully financed Thermal Oil growth plan to greater than 60,000 barrels per day (bbl/d) by 2030 and the expanded Duvernay Energy capital program announced in the first quarter 2026 results. Athabasca remains committed to maintaining a best-in-class balance sheet as operations increase in scale. As at March 31, 2026, the company had a $60-million net cash position and $290-million of cash.

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 Toronto Stock Exchange under the symbol ATH.

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