Athabasca Oil Announces 2024 First Quarter Results, Operational Momentum At Leismer And In The Duvernay, And Return Of Capital Execution

Athabasca Corporate Consolidated Q1 2024 Highlights Athabasca (Thermal Oil) Highlights Duvernay Energy Highlights Return of Capital Strategy Athabasca Oil – Strategic Update and Corporate Guidance Duvernay Energy – Strategic Update and Corporate Guidance Footnote: Refer to the“Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

1 Pricing Assumptions: 2024 annual average prices of US$80 WTI, US$15 Western Canadian Select“WCS” heavy differential, C$3 AECO, and $0.73 C$/US$ FX with Q1 2024 pricing actualized. 2025-26 US$85 WTI, US$12.



50 WCS heavy differential, C$3 AECO, and $0.75 C$/US$ FX. Environmental, Social, Governance (“ESG”) Annual Shareholders Meeting Financial and Operational Highlights (1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca's 70% equity interest in Duvernay Energy.

(2) Refer to the“Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure. (3) Includes realized commodity risk management gain of $1.4 million for the three months ended March 31, 2024 (three months ended March 31, 2023 – loss of $22.

1 million). (4) Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive inc.