Mr. Robert Broen reports

INDEPENDENT PROXY ADVISORY FIRMS RECOMMEND ATHABASCA SHAREHOLDERS VOTE "FOR" THE PROPOSED ARRANGEMENT WITH CENOVUS

Athabasca Oil Corp.'s proposed plan of arrangement with Cenovus Energy Inc. has the support of independent proxy advisory firms, including Institutional Shareholder Services (ISS). The proxy advisers recommended shareholders vote "for" the plan of arrangement.

The board of directors of Athabasca unanimously recommends that shareholders vote "for" the transaction.

Shareholders are reminded to vote and make their election choice well in advance of the Nov. 25, 2026, proxy voting and election deadlines.

Questions can be directed at Athabasca's proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 (toll-free in North America), 1-416-304-0211 (outside North America), by texting INFO to either number, or by e-mail to assistance@laurelhill.com. Visit the company's website for more information.

Independent third party proxy advisory recommendations

ISS stated that, "The transaction makes strategic sense due to the certainty of value and immediate liquidity provided by the premium cash consideration, while the CVE share consideration also provides an opportunity for additional upside through ownership in the combined company."

Athabasca board recommendation

ISS's recommendation to vote "for" the arrangement is consistent with the unanimous recommendation of the board of directors of Athabasca. The Athabasca board unanimously recommends that Athabasca shareholders vote "for" the transaction resolution.

The proxy voting deadline for shareholders is Wednesday, Nov. 25, 2026, at 10 a.m. Calgary time. Shareholders are encouraged to vote well in advance of the proxy voting deadline to ensure their vote is submitted in a timely manner. Athabasca shareholders may vote on-line, by telephone or any other methods provided in the form of proxy or voting instruction form included as part of the mailing of the management information circular.

How to make a consideration election

Athabasca shareholders have the option to elect to receive either the cash consideration, the share consideration or a combination of both. The election deadline for Athabasca shareholders to make the consideration election is on Nov. 25, 2026, at 4:30 p.m. Calgary Time. Shareholders who do not make an election will be deemed to have elected to receive the cash consideration for their Athabasca shares, subject to rounding and proration as set out in the plan of arrangement.

For beneficial shareholders, if you hold common shares of Athabasca through a broker or other financial intermediary, contact your broker/intermediary to provide your election instructions. Your broker/intermediary may establish earlier deadlines for making elections. Beneficial shareholders are encouraged to contact their intermediary/broker as soon as possible.

For registered shareholders, if you hold Athabasca shares directly in your name and represented by a share certificate or a DRS advice, please complete the letter of transmittal and election form and return it along with any certificate(s) representing the Athabasca shares held to Computershare, Athabasca's depositary. If your Athabasca shares are represented by a DRS advice, there is no requirement to submit the DRS advice and only the completed letter of transmittal and election form is required.

The special meeting of Athabasca shareholders will be held on Nov. 27, 2026, at 10 a.m. Calgary time in a hybrid format, allowing shareholders to attend in person or participate virtually. Meeting participation details, the management information circular and related meeting materials are available at the company's website. Shareholders requiring assistance may contact Laurel Hill using the information provided below.

Shareholder questions and voting assistance: If you have questions, including the procedures for voting, please contact Athabasca's proxy solicitation agent, Laurel Hill Advisory Group:

• Toll-free calls in North America at 1-877-452-7184 (1-416-304-0211 outside North America);

• Text message by texting INFO to 416-304-0211 or 1-877-452-7184;

• E-mail at assistance@laurelhill.com.

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.

We seek Safe Harbor.