Athabasca Oil announces renewal of normal course issuer bid

Athabasca Oil announced that the Toronto Stock Exchange has approved the renewal of the Corporation’s normal course issuer bid to purchase up to 55,423,786 common shares during the 12-month period commencing March 18, 2024 and ending March 17, 2025 or such earlier time as the NCIB is completed or terminated at the option of Athabasca. The Company’s current NCIB is scheduled to expire on March 15, 2024. Athabasca’s renewal of its NCIB is based on the strength of the balance sheet and the Company’s commitment to augmenting shareholder returns through a buyback program. The Company’s capital allocation framework balances material near-term return of capital initiatives for shareholders, with a multi-year growth trajectory of cash flow per share. Athabasca sees intrinsic value not reflected in the current share price and in 2024 is planning to allocate 100% of Free Cash Flow to shareholders through buybacks. Pursuant to the NCIB, the maximum number of common shares to be purchased represents 10% of the public float, as defined by the TSX. As of March 12, 2024, the Company had a public float of 554,237,864 common shares and 564,438,104 common shares issued and outstanding. Purchases will be made on the open market through the facilities of the TSX and/or alternative trading systems in Canada at market prices prevailing at the time of the acquisition. The number of common shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 746,829 common shares with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. Common shares acquired under the NCIB will be cancelled.