Mr. Robert Broen reports

ATHABASCA OIL CORPORATION ANNOUNCES RESULTS FROM 2024 ANNUAL SHAREHOLDER MEETING

All matters presented for approval at Athabasca Oil Corp.'s annual general and special meeting of shareholders held May 9, 2024, have been fully authorized and approved. The items on the agenda included fixing the number of directors to be elected at eight, electing eight proposed director nominees, appointment of Ernst & Young LLP as auditor, approval of the shareholder rights plan agreement, and approval of all unallocated options, rights and other entitlements under the corporation's 2024 omnibus incentive plan.

The results of the voting, inclusive of all votes cast and proxies received for each director nominee, which was conducted by ballot, are as shown in the attached table.

About Athabasca Oil Corp.

Athabasca Oil 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 Corp.) in which Athabasca owns a 70-per-cent equity interest. Athabasca's common shares trade on the Toronto Stock Exchange under the symbol ATH.