Athabasca Oil Corporation is a Canada-based energy company, which is focused on the exploration for, and development and production of, light oil and liquids-rich natural gas from regions in northwestern Alberta, Canada, and bitumen from oil sands in the Athabasca region of northeastern Alberta, Canada. The asset has an estimated operating breakeven of US$23/bbl WCS (using a $12.50 WCS differential). * Hangingstone: The asset was shut-in on April 2. Subscribe to Premium to view Fair Value for ATH.TO. The Company entered 2020 with a strong liquidity position allowing it to withstand the economic impact on its low decline, long reserve life assets.Resiliency Measures Taken in Response to COVID-19  * Reduction to Capital: 2020 budget of $85 million reflecting a $40 million reduction. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These activities have reduced field wide steam demand by 15% relative to the prior year and is supporting lower energy operating costs and emissions.At Hangingstone, operations were suspended in April 2020. Athabasca maintains long-term optionality across a deep inventory of high-quality Thermal Oil projects and flexible Light Oil development opportunities. The Light Oil Operating Income and the Light Oil Operating Netback measures allow management and others to evaluate the production results from the Company’s Light Oil assets. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. The low decline nature of the Company’s assets allows for minimal capital investment while maintaining its production base for a crude oil demand recovery.Financial and Operational Highlights  Three months ended June 30, Six months ended June 30,  ($ Thousands, unless otherwise noted)2020  2019  2020  2019   CONSOLIDATED             Petroleum and natural gas production (boe/d) 27,067   33,958   31,812   36,568   Operating Income (Loss)(1)(2)$6,166  $67,122  $7,264  $125,724   Operating Netback(1)(2) ($/boe)$2.37  $22.19  $1.21  $19.29   Capital expenditures$5,811  $33,717  $82,057  $86,681   Capital Expenditures Net of Capital-Carry(1)$5,811  $26,888  $59,317  $58,644   LIGHT OIL DIVISION             Petroleum and natural gas production (boe/d) 9,466   10,210   8,854   10,957   Percentage liquids (%)62% 51% 61% 52%  Operating Income (Loss)(1)$6,350  $25,637  $19,133  $56,917   Operating Netback(1) ($/boe)$7.37  $27.59  $11.88  $28.70   Capital expenditures$1,089  $11,858  $59,617  $41,713   Capital Expenditures Net of Capital-Carry(1)$1,089  $5,029  $36,877  $13,676   THERMAL OIL DIVISION             Bitumen production (bbl/d) 17,601   23,748   22,958   25,611   Operating Income (Loss)(1)$(24,619)  $56,522  $(57,730) $101,650   Operating Netback(1) ($/bbl)$(14.21)  $26.97  $(13.17)  $22.42   Capital expenditures$4,722  $21,859  $22,418  $44,968   CASH FLOW AND FUNDS FLOW             Cash flow from operating activities$(31,186) $61,488  $(34,207)  $42,916   per share - basic$(0.06)  $0.12  $(0.06)  $0.08   Adjusted Funds Flow(1)$(16,214)  $47,757  $(44,097)  $89,376   per share - basic$(0.03)  $0.09  $(0.08)  $0.17   NET INCOME (LOSS) & COMPREHENSIVE INCOME (LOSS)             Net income (loss) & comprehensive income (loss)$(65,335 ) $57,091  $(581,816) $263,887   per share - basic$(0.12)  $0.11  $(1.10)  $0.51   per share - diluted$(0.12)  $0.11  $(1.10)  $0.50   COMMON SHARES OUTSTANDING             Weighted average shares outstanding - basic 530,363,434   522,459,443   526,979,706   519,253,275   Weighted average shares outstanding - diluted 530,363,434   527,661,455   526,979,706   525,417,016      June 30, December 31,  As at ($ Thousands)  2020 2019  LIQUIDITY AND BALANCE SHEET         Cash and cash equivalents  $167,442 $254,389  Restricted cash (current and long-term)  $152,125 $110,609  Available credit facilities(3)  $2,560 $85,815  Capital-carry receivable (undiscounted) $— $22,740  Face value of long-term debt(4)  $613,260 $583,425  (1) Refer to the Advisories in this News Release and the “Advisories and Other Guidance” section within the Company’s Q2 2020 MD&A for additional information on Non-GAAP Financial Measures. Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 4, 2020 available on SEDAR at www.sedar.com, including, but not limited to: fluctuations in commodity prices, foreign exchange and interest rates; political and general economic, market and business conditions in Alberta, Canada, the United States and globally; changes to royalty regimes, environmental risks and hazards; the potential for management estimates and assumptions to be inaccurate; the dependence on Murphy as the operator of the Company’s Duvernay assets; the capital requirements of Athabasca’s projects and the ability to obtain financing; operational and business interruption risks, including those that may be related to the COVID-19 pandemic; failure by counterparties to make payments or perform their operational or other obligations to Athabasca in compliance with the terms of contractual arrangements; aboriginal claims; failure to obtain regulatory approvals or maintain compliance with regulatory requirements; uncertainties inherent in estimating quantities of reserves and resources; litigation risk; environmental risks and hazards; reliance on third party infrastructure; hedging risks; insurance risks; claims made in respect of Athabasca’s operations, properties or assets; risks related to Athabasca’s amended credit facilities and senior secured notes; and risks related to  Athabasca’s common shares.The risks and uncertainties referred to above are described in more detail in Athabasca’s most recent AIF, which is available on the Company’s SEDAR profile at www.sedar.com. Stock Quote for % Market Voice allows investors to share their opinions on stocks. In the volatile oil window, production results have been consistently strong. CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported its operating and consolidated financial results for the three months ended June 30, 2020. * Leismer: Production temporarily curtailed to ~15,000 bbl/d and now restored with July averaging ~18,500 bbl/d. Through the summer planned turnaround activities were completed. (2) Includes realized commodity risk management gains of $24.4 million and $45.9 million for the three and six months ended June 30, 2020, respectively (three and six months ended June 30, 2019 - $15.0 million loss and $32.8 million loss). The Company does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws. The Consolidated Capital Expenditures Net of Capital-Carry and Light Oil Capital Expenditures Net of Capital-Carry measures in this News Release are outlined in the Company’s Q2 2020 MD&A. Capital expenditures were $1.1 million during the quarter as the Company completed its winter Montney and Duvernay program. The second quarter was defined by unprecedented moves in commodity prices due to the COVID-19 pandemic and resulting oil demand destruction. Since April, global demand has improved while OPEC and North American producers have cut production. * Production Curtailments: Temporary curtailments; assets returning to productive capacity in Q3. Yahoo is part of Verizon Media. © 2020 Verizon Media. These shifting dynamics are expected to support heavy oil pricing benchmarks with US refineries in PADD II and III requiring a heavier feedstock. Market open. 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. Athabasca Oil Corporation (ATH.TO) Toronto - Toronto Real Time Price. The Light Oil Operating Netback measure is calculated by dividing the Light Oil Operating Income (Loss) by the Light Oil production and is presented on a per boe basis. Break‐even is used to assess the impact of changes in WCS oil prices on operating income of an asset and could impact future investment decisions. The Company has not experienced any COVID-19 cases in the Calgary office or at its field sites.The Company has taken swift action in response to the pandemic and economic crisis. Drilling and completion costs have been reduced to ~C$7.5 million (2-well pads) with line of sight to further improvements with multi-well pad development.

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