Athabasca Oil Announces Renewal of Normal Course Issuer Bid

Executive Summary

• The Toronto Stock Exchange approved Athabasca Oil Corporation’s renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 46,976,750 common shares from March 18 2026 through March 17 2027.
• The renewed NCIB represents 10 % of the public float (≈469.8 million shares) and includes a daily purchase limit of 544,282 shares, with one weekly block‑purchase exception.
• Athabasca reaffirmed its commitment to return 100 % of free cash flow to shareholders via share buybacks in 2026 and will use an automatic share purchase plan (ASPP) to facilitate purchases during blackout periods.

Key Details

• Maximum Shares Repurchased: Up to 46,976,750 common shares (≈10 % of public float).
• Public Float (as of March 9 2026): 469,767,503 common shares; total issued and outstanding: 479,765,391 shares.
• Daily Purchase Cap: 544,282 shares (25 % of average daily TSX volume of 2,177,130 shares from Sep 1 2025 – Feb 28 2026).
• Weekly Exception: One block purchase may exceed the daily cap per calendar week.
• Share Cancellation: All repurchased shares will be cancelled, reducing share count.
• ASPP Arrangement: Automatic Share Purchase Plan with designated broker to enable purchases during blackout periods under pre‑set parameters; discretionary purchases outside blackout periods.
• Prior NCIB Activity (expiring March 17 2026): Approved to repurchase up to 50,432,973 shares; already repurchased 32,723,300 shares at a volume‑weighted average price of ≈ $5.98 per share.
• Capital Allocation Policy: Commitment to return 100 % of free cash flow via buybacks in 2026; any excess repurchases will be selective and balanced against core growth project funding and balance‑sheet strength.

Notable Quotes

• “Share buybacks remain an important capital allocation tool where valuation supports compelling risk‑adjusted returns relative to intrinsic net asset value.” – Athabasca management (paraphrased from release).