Athabasca Oil (ATH) Corporate presentation summary

Vision and strategy

• Focus on high-quality thermal oil assets with low decline and an 85-year reserve life.

• Kaybob Duvernay oil play enables self-funded growth in a high-quality area.

• Maintains a pristine balance sheet with a net cash position and strong liquidity.

• Drives value through per-share growth in liquids production and cash flow.

• Targets >15% CAGR in liquids growth and >20% CAGR in cash flow per share through 2030.

Asset base and production

• Operates ~40,000 boe/d with 98% liquids and low base decline.

• Thermal oil assets span ~300,000 gross acres with 1.2 billion bbl 2P reserves.

• Duvernay Energy subsidiary holds ~200,000 gross acres and is self-funded.

• 2026 guidance: consolidated production of 37,000–39,000 boe/d, exiting ~45,000 boe/d.

• 2026 capital program of ~$420MM, with ~$550–$575MM in adjusted funds flow.

Growth projects and expansion

• Leismer expansion to 40,000 bbl/d underway, with staged steaming and new well pairs.

• Corner project sanctioned for 40,000 bbl/d, with modular Phase 1 (15,000 bbl/d) targeted for first oil in 2029.

• Hangingstone maintains stable production with growth options to 12,000 bbl/d.

• Duvernay Energy targets >15,000 boe/d by 2030, focusing on high-margin, liquids-rich wells.

• All major growth projects are fully funded within cash flow.