Athabasca Oil Expands Leismer and Advances Corner Asset Amid Strong Q2 Results

Athabasca Oil Corporation (TSX: ATH) reported its second-quarter results, highlighting the company's continued execution of its funded growth strategy. The company advanced the Leismer expansion and commenced the staged start-up of the next growth well pairs. Corner development activities are progressing as planned, with project sanction expected following confirmation of details under the Government of Alberta's new fiscal framework to enable oil sands growth.

The company's corporate consolidated results for Q2 2026 show production averaging 32,110 boe/d (97% Liquids), reflecting ~7,200 boe/d impact of planned turnarounds. Adjusted Funds Flow was $123 million ($0.25 per share) and Cash flow from operating activities was $134 million.

The company's Leismer expansion is on track, with the planned facility turnaround completed in May. The company has commenced steaming new wells and expects to bring 12 well pairs on production in a staged approach by early 2027. An additional nine well pairs and three redevelopment wells will be drilled during the upcoming winter season.

Athabasca is also advancing the Corner asset, which is an exceptional project with a high-quality reservoir in the McMurray sands containing an estimated 353 mmbbl 2P reserves and 520 mmbbl contingent resource (best estimate). The company has finalized a lump-sum proposal for a 15,000 bbl/d Phase 1 modular development, providing greater cost and schedule certainty.

The company's long-term corporate strategy includes growing its Thermal Oil division to >60,000 bbl/d by 2030. The company's assets have a resource base of 1.2 billion barrels of proved plus probable reserves and 1 billion barrels of contingent resource, providing optionality to reach over 90,000 bbl/d within current regulatory approvals.