Athabasca Oil Provides Alberta Wildfire Update

CALGARY, Alberta, May 16, 2023 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) advises that due to the ongoing Alberta wildfires, the Company has shut-in two of its facilities at Kaybob within its Light Oil operations. The facilities have been shut-in as a precautionary measure due to changing wildfire conditions and the Company is not aware of damage to its well sites or associated infrastructure. The Company estimates ~2,300 boe/d of temporary production downtime. The situation is dynamic and production will be restored when the area is safe and the Company is permitted to do so.

Athabasca would like to extend its sincere gratitude to its field staff, industry partners, emergency responders, and firefighters for their dedication and hard work in safeguarding our communities during this challenging time.

About Athabasca Oil Corporation

Athabasca Oil Corporation 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 common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:

Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “estimate”, “expect”, “will”, “would”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release.