Athabasca Oil (ATH) investor relations material

Strategic vision and growth outlook

• Focus on low-decline, high-quality thermal assets with a 90-year reserve life and self-funded growth in the Kaybob Duvernay oil play.

• Targeting over 15% CAGR in liquids production and over 20% per share growth through 2030.

• Pristine balance sheet with a net cash position and a strong commitment to shareholder returns via buybacks and deleveraging.

• Projecting ~$1.1 billion in free cash flow from 2026-2030 at US$65 WTI, with 100% of FCF directed to share buybacks.

Operational and financial highlights

• 2025 production reached 39,375 boe/d (98% liquids), at the high end of guidance, with $504MM adjusted funds flow and $1.01/share FFO.

• 2026 guidance: 37,000–39,000 boe/d (exit ~43,000), $425–$450MM adjusted funds flow, and ~$310MM capital spend.

• Liquidity of $443MM and net cash of $59MM as of year-end 2025, with a market cap of ~$5B.

• Significant tax pools of $2.1B provide future cash flow protection.

Asset base and project development

• Thermal oil assets span ~300,000 gross acres with 1.2 billion bbl 2P reserves and predictable, low-decline production.

• Leismer expansion to 40,000 bbl/d by 2027, with $300MM project cost and high capital efficiency (~$25,000/bbl/d).

• Hangingstone maintains stable production (~9,000 bbl/d) and a 50-year reserve life index.

• Corner project (regulatory approved for 40,000 bbl/d) targets sanction in H2 2026, with modular growth and competitive economics.