Athabasca Oil Surpasses Growth Targets with Leismer Expansion on Track

Athabasca Oil Corporation has reported its second quarter results for 2026, highlighting continued execution of its funded growth strategy. The company's Leismer expansion project is on track, with a planned facility turnaround completed in May and new tie-in points and major equipment set. Steaming of new wells has commenced, and Athabasca expects to bring 12 well pairs online in a staged approach by early 2027.

The company's Corner development activities are progressing as planned, with project sanction expected following confirmation of details under the Government of Alberta's new fiscal framework. Once developed, the asset is expected to rank among the best steam-assisted gravity drainage (SAGD) assets in Alberta.

Athabasca's corporate consolidated capital budget has increased to approximately $420 million for 2026, including $65 million of accelerated Thermal Oil activity. The company's long-term strategy includes growing its Thermal Oil division to over 60,000 barrels per day by 2030, with a resource base of 1.2 billion barrels of proved plus probable reserves and 1 billion barrels of contingent resources.