CALGARY, Alberta, June 01, 2026 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX:ATH) ("Athabasca" or the "Company") has closed a new $500 million covenant-based credit facility with the Canadian bank market. The facility has a four-year term to May 2030 and includes annual extension rights. Duvernay Energy has also closed an upsized $75 million reserve-based credit facility. Pro forma for the new facilities, consolidated liquidity is approximately $870 million.

The new credit facilities enhance Athabasca's capital structure with expanded liquidity, enhanced durability and a lower cost of capital. The pro forma capital structure supports the Company's fully funded Thermal Oil growth plan to greater than 60,000 bbl/d by 2030 and the expanded Duvernay Energy capital program announced in the first quarter 2026 results. Athabasca remains committed to maintaining a best-in-class balance sheet as operations increase in scale. As at March 31, 2026, the Company had a $60 million Net Cash position and $290 million of cash.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta's Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca's light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca's common shares trade on the TSX under the symbol "ATH". For more information, visit www.atha.com.

For more information, please contact:

Matthew Taylor