阿萨巴斯卡石油公司（Athabasca Oil Corporation，简称“阿萨巴斯卡石油公司”或“公司”）欣然公布其经审计的2025年终业绩及储量。年度业绩亮点包括所有资产的强劲运营表现、稳健的财务业绩以及持续的股东回报。阿萨巴斯卡石油公司为投资者提供独特的投资机会，专注于投资具有竞争力的项目，并通过以股票回购为重点的资本回报框架，最大限度地提高每股现金流增长，从而实现顶级液体资产（热油和杜韦尔奈油田）的增值。

2025年终合并公司业绩

：产量：平均年产量为39,375桶油当量/日（98%为液体），同比增长7%（每股增长17%）。所有资产的强劲表现使公司达到了此前37,500至39,500桶油当量/日的预期上限。热能油年产量为35,905桶/日，杜威内能源公司（Duvernay Energy Corporation，简称DEC）年产量为3,470桶油当量/日（其中76%为液体）。第四季度合并产量为41,061桶油当量/日（其中98%为液体）。
现金流：调整后现金流为5.04亿美元（每股1.01美元）。经营活动产生的现金流为5.2亿美元。来自阿萨巴斯卡（Athabasca，即热能油）的2.17亿美元自由现金流体现了优质资产基础和稳健的资产负债表的韧性。DEC的增长在其现金流和资产负债表中均有独立资金支持。
资本项目：总资本支出为3.23亿美元，与预期一致，其中包括在Leismer项目投入2.31亿美元以支持其渐进式增长项目，以及在Duvernay项目投入7500万美元用于开发。
股东回报：公司通过回购计划购回3900万股，总计2.3亿美元，展现了其在2025年将100%自由现金流返还给股东的承诺。自2023年启动回购计划以来，公司已累计购回约7.2亿美元的股份，使其完全稀释后的股份数量减少了24%。在当前的正常发行人竞价收购（NCIB）于2026年3月17日到期后，公司将向多伦多证券交易所续签第四次年度NCIB。

2025年底综合储量¹

差异化长寿命储量：阿萨巴斯卡公司拥有13亿桶油当量（boe）的探明加概算（2P）储量和约10亿桶的或有资源量（最佳估计）。2P储量支撑着58亿美元的净现值（NPV¹⁰²）（每股12.13美元）的巨大内在价值。
热力采油业务的深层价值及融资增长选择：热力采油部门的2P NPV¹⁰²为52亿美元，并提供以石油为中心的平台，支撑着到2030年Corner项目一期工程完成后，日产量超过6万桶的融资增长。公司增长前景将加速实现前所未有的约30年1P和约85年的2P当前储量寿命。
杜维尔奈价值获取：DEC 2P储量增长9%至7900万桶油当量，净现值（NPV102）为5.92亿美元。持续增长主要归功于其运营土地的开发。DEC在其约20万英亩的土地上拥有约432个钻井点（净钻井点198个）。

2026年业绩指引维持不变

。综合预算：阿萨巴斯卡计划资本支出约3.1亿美元，平均日产量为3.7万至3.9万桶油当量（98%为液体），其中包括其资产计划检修带来的约2500桶油当量/日的产量影响。增长将在2026年下半年实现，最终产量约为4.3万桶油当量/日，主要得益于莱斯默扩建项目的推进。随着莱斯默油田产能逐步达到监管标准，以及杜韦尔奈油田新增产量，预计强劲的运营势头将持续到2027年。
现金流展望：公司预测2026年合并调整后资金流将在4.25亿美元至4.5亿美元之间。随着运营势头延续至2027年，预计调整后资金流和自由现金流将逐年显著增长。西德克萨斯中质原油（WTI）和加拿大西部精选原油（CS）价格每桶波动1美元，将分别对2026年年度调整后资金流产生约1000万美元和1700万美元的影响。
资产负债表管理：随着运营规模的扩大，阿萨巴斯卡公司将审慎管理其资本结构。目前净现金头寸为公司提供了灵活的资本配置能力，可用于其业务计划，包括多年期资本项目和增加战略性股票回购。阿萨巴斯卡公司致力于维持一流的资产负债表，长期目标是将净债务与调整后资金流的比率控制在0.5倍以下。

运营更新

：莱斯默油田扩建项目进展顺利：冬季钻井计划将于3月完成，其中包括12对井，这些井将于下半年投产并投入生产。结合计划于5月检修期间完成的设施扩建，这些井将推动年底前强劲的产量增长势头，并逐步增长至2027年底的4万桶/日。
汉格斯通油田稳健运营：在2025年新增两对井后，目前的日产量约为9000桶。2026年无需进行额外钻井即可维持该资产8000桶/日的中期产量目标。汉格斯通油田也将于4月进行计划检修。
Corner项目准备就绪：Corner项目将采用资本高效的模块化设计进行开发，项目阶段产能为15,000桶/日。目前的活动包括中央处理设施、道路和井场准备工作，这些工作将在冬季施工季进行。公司已完成成本估算，并正在推进总价合同的执行结构，以提高项目成本和进度的确定性。此外，公司已获得关键路径合同，包括天然气原料供应和多元化的长期出口保障。公司预计，在宏观经济环境有利的情况下，第一阶段将于2026年下半年获得批准，大部分资金将用于目前的Leismer扩建项目。该项目预计将实现自筹资金，同时保持稳健的资产负债表并专注于股东回报。第一阶段将从2029年开始带来显著的产量增长。Duvernay
油井业绩卓越：2025年下半年投产的油井持续保持强劲的产量，验证了典型曲线和长期开发计划。位于4-18-64-16W5的三井井场（100% WI）目前已实现平均初始产量（IP90）约为945桶油当量/日（其中89%为液体）。位于7-15-64-17 W5的另一四井井场（30% WI）已于2月份完成钻井作业，目前正在进行完井作业，计划于4月份投产。公司对强劲的产量结果感到满意，初始产量和游离凝析油收率带来了卓越的净收益。DEC将在市场波动期间保持其宝贵的库存，并在宏观经济形势有利时灵活加速开发。

公司综合战略

：热力油规模：公司热力油部门以石油为核心，通过Corner项目一期工程，力争到2030年实现超过6万桶/日的产能增长。热力油资产拥有12亿桶已探明及概略储量和10亿桶或有资源，在现有监管审批范围内，产能有望达到9万桶/日以上。热力油资产的运营盈亏平衡点约为每桶WTI原油价格40美元，持续盈亏平衡点约为每桶WTI原油价格45美元，Leismer和Corner油田的增长计划已在现金流支持下实现，直至油价达到每桶WTI原油价格55美元左右。Duvernay
价值主张：Athabasca能源子公司Duvernay Energy Corporation（简称DEC）旨在通过为Kaybob Duvernay油田的自筹资金生产和现金流增长提供清晰的路径，从而提升股东价值。DEC拥有独立的战略和资本配置框架，目标是到2030年实现日产量超过1.5万桶油当量，并拥有约20年的未来钻井储备。预计该资产凭借其卓越的土地基础和钻井储备达到实质性规模后，股东价值将得以实现。
财务稳健性：阿萨巴斯卡公司拥有稳健且差异化的资产负债表，合并净现金头寸达5900万美元，其中包括3.16亿美元的现金。随着业务规模的扩大，公司将审慎管理其资本结构。目前的净现金头寸为公司提供了灵活的资本配置能力，可用于各项业务举措，包括多年期资本项目和增加战略性股票回购。阿萨巴斯卡公司致力于保持一流的资产负债表，目标是长期将净债务与调整后资金流的比率控制在0.5倍以下。阿萨巴斯卡（热油）公司还拥有21亿美元的税务筹划资金，其中包括16亿美元的可立即抵扣的非资本损失，用于规避2030年以后的现金税款。
卓越的股东回报：自2021年以来，公司已向股东返还约11亿美元，其中包括3.86亿美元的债务偿还和约7.2亿美元的股票回购。自2023年以来，股票回购计划已使完全稀释后的股份减少了24%，平均回购价格为每股4.82美元，较其2025年2P储备价值每股12.132美元折让约60%。当估值能够提供相对于内在净资产价值而言具有吸引力的风险调整后收益时，股票回购仍然是一项重要的资本配置工具。Athabasca承诺在2026年通过股票回购将100%的自由现金流返还给股东。任何超出自由现金流的回购都将在严格的框架内进行，优先考虑为公司核心增长项目提供资金并维持稳健的资产负债表。Athabasca预计未来五年将新增11亿美元的自由现金流，用于支持其在Leismer和Corner的增长计划。
关注每股指标：推进具有吸引力的资本项目并同时进行股票回购，可使每股现金流在2030年及以后实现超过20%的复合年增长率。⁴

阿萨巴斯卡（热能油）2025年末亮点及运营更新

：产量：35,905桶/日（莱斯默油田27,372桶/日，汉宁斯通油田8,533桶/日）。
现金流：营业收入5.234亿美元，营业净收益40.33美元/桶。调整后资金流4.645亿美元。
资本支出：2025年资本支出2.476亿美元，其中莱斯默油田2.306亿美元。
自由现金流：2.169亿美元的自由现金流用于支持公司资本承诺的偿还。 2025 年

Leismer

Bitumen 的平均日产量为 27,372 桶，同比增长 5%（每股增长 15%）。

2025年第四季度，L10井场的两对井开始试井，并分别于12月和1月投产，目前日产量约为27,000桶（2月数据）。为迎接下一阶段的增长，阿萨巴斯卡公司目前已钻探了12对井。该公司于2025年第四季度完成了L11井场的六对井的钻探，并于2026年3月完成了L10井场的六对井的钻探。

公司已完成中央处理设施扩建部分的结构基础工程，并于去年秋季成功安装了两台新的蒸汽发生器。其他主要设备也已运抵现场，包括一台处理机、一台脱气机和几台换热器。这项耗资3亿美元的扩建项目预计包括1.9亿美元的设施建设资金和1.1亿美元的增长井建设资金。到2025年底，该扩建项目总资本投入的约50%已完成，剩余资金预计将于2026年底基本完成。该项目目前仍按预算和进度进行，与2024年7月公布的原始批准计划一致

。公司正准备进行为期三周的设施检修，预计将于5月完成。检修内容包括每四年一次的例行维护，以及新设备的接入工作。检修结束后，12对新井将分阶段进行蒸汽开采。预计2026年产量将达到约31,000至32,000桶/日，所有油井预计将于2027年初投产。这些油井以及明年冬季的额外钻井将推动强劲的生产势头，并支持产量在2027年底前逐步增长至40,000桶/日。 2025年，

Hangingstone

沥青的平均产量为8,533桶/日，同比增长15%（每股增长25%）。

2025年3月，两对延伸井（平均水平段长度约1,400米）投入生产，以支持目前约9,000桶/日的产量（2月份数据）。目前每对井的产量依然强劲，在800至1,100桶/日之间。Hangingstone持续贡献可观的现金流，鉴于其稳健的生产表现，公司预计今年的资本活动将非常有限。公司计划进行为期两周的检修，预计将于四月完成。Corner

油

砂项目位于Leismer油砂项目附近，是一个大型低风险油砂项目，拥有3.53亿桶探明加概算储量和5.2亿桶或有资源量（最佳估算，未计风险）。该项目已获得监管部门批准，日产量为4万桶，拥有300多口勘探井，地震勘探覆盖率约为80%。储层质量与Leismer油砂项目相当或更优，与McMurray组油气带的其他优质油砂项目相当，预计蒸汽油比低于3倍。Corner油

砂项目将采用资本高效的模块化设计进行开发，每个项目阶段的产能为1.5万桶/日。预计未来的开发将依靠自有资金，同时保持稳健的资产负债表，并专注于股东回报。第一阶段预计资本效率约为 35,000 美元/桶/天，随着规模的扩大，全面开发预计将实现更低的平均资本密集度。

目前的工作重点包括中央处理设施、道路和井场准备工作，这些工作将在冬季施工期间进行。公司已完成成本估算，并正在推进总价合同的执行结构，以提高项目成本和进度的确定性。此外，公司已获得关键路径合同，包括天然气原料供应和多元化的长期出口保障。公司预计，在宏观经济环境有利的情况下，第一阶段项目将于2026年下半年获得批准，大部分资金将用于目前的莱斯默扩建项目。

杜弗内能源公司2025年终亮点及运营更新

：产量：日产量3,470桶油当量（76%为液体）；最终产量达到日产量5,500桶油当量。
现金流：营业收入4,400万美元，营业净收益为每桶油当量34.72美元。调整后资金流为3,940万美元。
资本支出：7490万美元，包括在一个四井井场（30%权益）进行钻井和完井作业，在一个三井井场（100%权益）进行完井作业，在一个四井井场（30%权益）进行钻井作业，以及区域基础设施建设。

2025年第四季度，DEC公司将一个三井井场（100%权益）投入生产。这三口新井的平均IP30日产量约为1125桶油当量/日（90%为液体），平均IP90日产量约为945桶油当量/日（89%为液体）。一个四井井场（30%权益）已于2月份完成钻井作业，平均水平段长度约为4500米。目前正在进行完井作业，计划于4月份投产。第一季度，公司近期钻探了一口3,860米的井，该井保留了100%的作业权益，确保了其位于北部杜弗内（Duvernay）油田约32个区块的土地使用权。DEC

拥有独立的战略和资本配置框架，目标是到2030年实现日产量超过15,000桶油当量，并拥有约20年的未来钻井储备。在市场波动时期，DEC将保持其宝贵的储备，并在宏观经济环境有利时灵活加速开发。预计一旦该资产凭借其卓越的土地基础和钻井储备达到一定规模，股东价值将得以实现。

差异化的长寿命储量

¹ 庞大的资源基础：13亿桶油当量的2P储量，其中12亿桶为2P热储量，另有约10亿桶的探明资源量（最佳估计）。麦克丹尼尔公司估计的储量价值（税前净现值10%）为58亿美元²（每股12.13美元）。

杜维尔奈价值获取：由于其运营土地的增长，储量大幅增加，2P储量同比增长9%至7900万桶油当量。储量评估结果支持管理层对该油田租赁边际经济效益的估计。

长期资产：Athabasca 拥有业内领先的储量储备，其一期储量寿命约为 30 年，二期储量寿命约为 85 年。有机增长计划将加速股东价值的实现。Athabasca

委托独立储量评估机构 McDaniel & Associates Consultants Ltd.（简称 McDaniel & Associates Consultants Ltd.）编制了截至 2025 年 12 月 31 日的年度储量评估报告。储量报告以合并报表形式呈现，反映的是未计入 Athabasca 在 Duvernay Energy 持有的 70% 股权的总储量和财务指标。

Athabasca Oil Corporation (锟紸thabasca锟� or the 锟紺ompany锟�) is pleased to report its audited 2025 year-end results and reserves. The annual results are highlighted by strong operational performance across all assets, resilient financial performance, and execution of continued shareholder returns. Athabasca provides investors unique positioning to top tier liquids weighted assets (Thermal Oil and Duvernay) with a focus on maximizing cash flow per share growth by investing in competitive projects alongside a return of capital framework focused on share buybacks.

Year-end 2025 Consolidated Corporate Results

Production: Average annual production of 39,375 boe/d (98% Liquids), representing 7% (17% per share) growth year-over-year. Strong performance across all assets supported the Company reaching the high-end of its guidance of 37,500 锟� 39,500 boe/d. Thermal Oil annual production was 35,905 bbl/d and Duvernay Energy Corporation (锟紻EC锟�) annual production was 3,470 boe/d (76% Liquids). Fourth quarter consolidated production was 41,061 boe/d (98% Liquids).
Cash Flow: Adjusted Funds Flow of $504 million ($1.01 per share). Cash flow from operating activities of $520 million. Free Cash Flow of $217 million from Athabasca (Thermal Oil) demonstrates the resilience of a quality asset base and clean balance sheet. DEC growth was self-funded separately within its cash flow and balance sheet.
Capital Program: $323 million total capital expenditures, consistent with guidance, including $231 million at Leismer to support the progressive growth project and $75 million in Duvernay development.
Shareholder Returns: Purchased 39 million shares through the Company锟絪 buyback program for an aggregate $230 million, demonstrating its commitment to return 100% of Free Cash Flow to shareholders in 2025. The Company has now purchased ~$720 million in shares and has reduced its fully diluted share count by 24% since commencing the buyback program in 2023. Following the expiry of its current Normal Course Issuer Bid (锟絅CIB锟�) on March 17, 2026 the Company will renew a fourth annual NCIB with the Toronto Stock Exchange.

2025 Year-end Consolidated Reserves1

Differentiated Long-life Reserves: Athabasca holds 1.3 billion boe of Proved Plus Probable (锟�2P锟�) reserves and ~1 billion barrels of Contingent Resource (Best Estimate). The 2P reserves underpin significant intrinsic value of $5.8 billion NPV102 ($12.13 per share).
Deep Value with Funded Growth Optionality within Thermal Oil: The Thermal Oil division has a 2P NPV102 of $5.2 billion and provides an oil focused platform underpinning funded growth to >60,000 bbl/d by 2030 with Phase 1 of Corner. The Company锟絪 growth outlook will accelerate an unparalleled ~30 year 1P and ~85 year 2P current reserve life.
Duvernay Value Capture: DEC 2P reserves increased by 9% to 79 mmboe, representing a NPV102 value of $592 million. Continued growth is attributed to development on its operated lands. DEC has an estimated 432 gross drilling locations (198 net) across its ~200,000 gross acre land base.

2026 Guidance Maintained

Consolidated Budget: Athabasca is planning capital expenditures of ~$310 million with average production of 37,000 锟� 39,000 boe/d (98% Liquids), inclusive of a ~2,500 boe/d impact of planned turnarounds across its assets. Growth will materialize in the second half of 2026 with an exit rate of ~43,000 boe/d, driven by the Leismer expansion project. Strong operational momentum is expected to continue into 2027 as Leismer ramps up to regulatory capacity and additional Duvernay production is added.
Cash Flow Outlook: The Company forecasts consolidated Adjusted Funds Flow between $425 锟� $450 million3 in 2026. With operational momentum into 2027, Adjusted Funds Flow and Free Cash Flow are expected to grow significantly year over year. Every +US$1/bbl move in West Texas Intermediate (锟絎TI锟�) and Western Canadian Select (锟絎CS锟�) heavy oil impacts 2026 annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively.
Balance Sheet Management: Athabasca will prudently manage its capital structure as operations increase in scale. A Net Cash position currently provides the Company capital allocation flexibility for its business initiatives including multi-year capital projects and augmenting strategic share buybacks. Athabasca is committed to maintaining a best-in-class balance sheet with a targeted Net Debt to Adjusted Funds Flow metric less than 0.5x over the long-term.

Operations Update

Leismer Expansion On Track: The winter drilling program will conclude in March and includes twelve well pairs that will be commissioned and steamed in the second half of the year. In conjunction with the planned facility additions that will be completed during the turnaround in May, these well pairs will drive strong production momentum exiting the year and progressive growth up to 40,000 bbl/d in late 2027.
Hangingstone Resilience: Current production of ~9,000 bbl/d following the addition of two well pairs in 2025. No additional drilling is required in 2026 to maintain production above a mid-term target at the asset of 8,000 bbl/d. Hangingstone will also undergo a planned turnaround in April.
Corner Readiness: The Corner asset will be developed through a capital-efficient modular design with 15,000 bbl/d project phases. Current activity includes central processing facility, road and pad-site preparation during the winter construction season. The Company has finalized cost estimates and is advancing lump-sum execution structures to enhance certainty over project cost and schedule. Additionally, the Company has secured critical path contracts including gas feedstock and diversified long-term egress. The Company anticipates Phase 1 to be sanctioned in the second half of 2026, contingent on a favorable macro environment, with the majority of the capital to follow the current Leismer expansion project. The project is expected to be self-funded while maintaining a strong balance sheet and a focus on shareholder returns. Phase 1 will provide substantial production growth starting in 2029.
Exceptional Duvernay Well Results: Wells brought on stream in the second half of 2025 demonstrated continued strong performance validating type-curves and longer-term development plans. The operated three-well pad at 4-18-64-16W5 (100% WI) has now realized average IP90s of ~945 boe/d (89% Liquids). An additional 4-well pad at 7-15-64-17 W5 (30% WI) was rig released in February with completions underway and a planned onstream date in April. The Company is pleased by the strong production results with initial rates and free condensate yields resulting in exceptional netbacks. DEC will preserve its valuable inventory during periods of market volatility with flexibility to accelerate development in supportive macro conditions.

Corporate Consolidated Strategy

Thermal Oil Scale: The Company锟絪 Thermal Oil division provides an oil focused platform underpinning funded growth to >60,000 bbl/d by 2030 with Phase 1 of Corner. The Thermal Oil 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. The Thermal Oil assets have an operating break-even of ~US$40/bbl WTI, a sustaining break-even of ~$US45/bbl WTI and growth initiatives at Leismer and Corner are fully funded within cash flow to ~US$55/bbl WTI.
Duvernay Value Proposition: Athabasca锟絪 subsidiary company, Duvernay Energy Corporation (锟紻EC锟�), is designed to enhance value for shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. DEC has an independent strategy and capital allocation framework with production growth to >15,000 boe/d by 2030 with ~20 years of future drilling inventory. Value crystallization for shareholders is expected once the asset has reached a material scale through its exceptional land base and drilling inventory.
Financial Resilience: Athabasca maintains a strong and differentiated balance sheet with a $59 million consolidated Net Cash position, including $316 million of cash. The Company will prudently manage its capital structure as operations increase in scale. A Net Cash position currently provides the Company capital allocation flexibility for its business initiatives including multi-year capital projects and augmenting strategic share buybacks. Athabasca is committed to maintaining a best-in-class balance sheet with a targeted Net Debt to Adjusted Funds Flow metric less than 0.5x over the long-term. Athabasca (Thermal Oil) also has $2.1 billion in tax pools, including $1.6 billion of immediately deductible non-capital losses, sheltering cash taxes beyond 2030.
Exceptional Shareholder Returns: The Company has returned ~$1.1 billion to shareholders since 2021, including $386 million of debt reduction and ~$720 million of share buybacks. The buyback program has driven a 24% reduction in fully diluted shares since 2023 at an average price of $4.82/sh, representing a ~60% discount to its 2025 2P reserves value per share of $12.132. Share buybacks remain an important capital allocation tool where valuation supports compelling risk-adjusted returns relative to intrinsic net asset value. Athabasca is committed to returning 100% of Free Cash Flow to shareholders through share buybacks in 2026. Any repurchases beyond Free Cash Flow will be undertaken selectively and within a disciplined framework that prioritizes funding the Company锟絪 core growth projects and maintaining a strong balance sheet. Athabasca forecasts $1.1 billion3 of additional Free Cash Flow over the next five years while funding its growth initiatives at Leismer and Corner.
Focus on Per Share Metrics: Advancing attractive capital projects concurrent with share buybacks results in a >20% compounded annual growth rate in cash flow per share4 to 2030 and beyond.

Athabasca (Thermal Oil) Year-end 2025 Highlights and Operations Update

Production: 35,905 bbl/d (27,372 bbl/d at Leismer and 8,533 bbl/d at Hangingstone).
Cash Flow: Operating Income of $523.4 million with an Operating Netback of $40.33/bbl. Adjusted Funds Flow of $464.5 million.
Capital: $247.6 million of capital expenditures in 2025, with $230.6 million at Leismer.
Free Cash Flow: $216.9 million of Free Cash Flow supporting corporate return of capital commitment.

Leismer

Bitumen production for 2025 averaged 27,372 bbl/d, up 5% year over year (15% per share).

In Q4 2025, two well pairs on Pad L10 commenced steaming and were brought on production in December and January with current production of ~27,000 bbl/d (February). In anticipation of the next growth phase, Athabasca has now drilled 12 well pairs. The Company completed drilling six well pairs on Pad L11 in Q4 2025 and six well pairs on Pad 10 in March 2026.

At the central processing facility, the Company has completed structural foundation work for the expansion facilities and, last fall, successfully set two new steam generators. Additional major equipment has been delivered to site, including a treater, degasser and heat exchangers. The $300 million expansion project includes an estimated $190 million for facility capital and an estimated $110 million for growth wells. By year-end 2025, ~50% of total capital exposure for the expansion project was completed, with the remainder of capital to be substantially complete by year-end 2026. The project remains on budget and on schedule with the original sanction plans announced in July 2024.

The Company is preparing for a three-week facility turnaround to be completed in May. Activities include recurring maintenance on a four-year frequency with additional scope for the tie-in of new equipment. Steaming of the 12 new well pairs will commence in a staged sequence following the turnaround. An exit rate of ~31,000 锟� 32,000 bbl/d is anticipated for 2026, with all wells expected to be converted to production by early 2027. These wells in conjunction with additional drilling next winter will drive strong production momentum, supporting progressive growth to 40,000 bbl/d by late 2027.

Hangingstone

Bitumen production for 2025 average 8,533 bbl/d, up 15% year over year (25% per share).

In March 2025, two extended reach sustaining well pairs (~1,400 meter average laterals) were placed on production supporting current production of ~9,000 bbl/d (February). Current well pair performance remains strong between 800 锟� 1,100 bbl/d per well. Hangingstone continues to deliver meaningful cash flow contributions and the Company expects minimal capital activity this year given its resilient production performance. The Company has a planned two-week turnaround that will be completed in April.

Corner

The Corner asset is a large de-risked oil sands asset adjacent to Leismer with 353 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). The asset has regulatory approval for 40,000 bbl/d with over 300 delineation wells and ~80% seismic coverage. Reservoir quality is similar to or better than Leismer, and comparable to other top-quality assets in the McMurray Formation fairway, with an expected steam-oil ratio of less than 3x.

The Corner asset will be developed through a capital-efficient modular design with 15,000 bbl/d project phases. Future development is expected to be self-funded while maintaining a strong balance sheet and a focus on shareholder returns. Phase 1 is expected to have a capital efficiency of ~$35,000/bbl/d, with the full development expected to achieve lower average capital intensity as scale is realized.

Current activity includes central processing facility, road and pad-site preparation during the winter construction season. The Company has finalized cost estimates and is advancing lump-sum execution structures to enhance certainty over project cost and schedule. Additionally, the Company has secured critical path contracts including gas feedstock and diversified long-term egress. The Company anticipates Phase 1 to be sanctioned in the second half of 2026, contingent on a favorable macro environment, with the majority of the capital to follow the current Leismer expansion project.

Duvernay Energy Corporation Year-end 2025 Highlights and Operations Update

Production: Production of 3,470 boe/d (76% Liquids); achieved an exit rate of 5,500 boe/d.
Cash Flow: Operating Income of $44.0 million with an Operating Netback of $34.72/boe. Adjusted Funds Flow of $39.4 million.
Capital: $74.9 million of capital expenditures including drilling and completions on a four well pad (30% working interest), completions on a three well pad (100% working interest), drilling operations on a four well pad (30% working interest) and construction of regional infrastructure.

In Q4 2025, DEC brought a three well pad (100% working interest) on production. The three new wells have average IP30锟絪 of ~1,125 boe/d (90% liquids) and average IP90锟絪 of ~945 boe/d (89% Liquids). A four-well 30% working interest pad was rig released in February with average laterals of ~4,500 meters. Completions are underway with a planned on-stream in April. In Q1, the Company recently drilled a 3,860 meter 100% working interest land retention well, securing land tenure of ~32 sections in its northern Duvernay land position.

DEC has an independent strategy and capital allocation framework with production growth to >15,000 boe/d by 2030 with ~20 years of future drilling inventory. In periods of market volatility DEC will preserve its valuable inventory with flexibility to accelerate development in supportive macro conditions. Value crystallization for shareholders is expected once the asset has reached a material scale through its exceptional land base and drilling inventory.

Differentiated Long-life Reserves1

Massive Resource Base: 1.3 billion boe of 2P reserves, anchored by 1.2 billion barrels of 2P Thermal Reserves, plus an additional ~1 billion barrels of Contingent Resources (best estimate). McDaniel锟絪 estimated reserve values (NPV10 before tax) are $5.8 billion2 2P ($12.13 per share).

Duvernay Value Capture: Strong reserve additions attributed to growth on its operated lands with a 9% year over year increase in 2P reserves to 79 mmboe. The reserves evaluation supports Management锟絪 estimates of lease edge economics in the play.

Long Duration Assets: Athabasca maintains a best in class inventory with a ~30 year 1P and ~85 year 2P current reserve life. The organic growth plan will accelerate value capture for shareholders.

Athabasca锟絪 independent reserves evaluator, McDaniel & Associates Consultants Ltd. (锟組cDaniel锟�), prepared the year-end reserves evaluation effective December 31, 2025. Reserves are reported on a consolidated basis and reflecting gross reserves and financial metrics before taking into account Athabasca锟絪 70% equity interest in Duvernay Energy.