Athabasca Oil Corporation Takes Further Actions in Response to the Current Environment - Seite 2

Balance Sheet and Risk Management

As at year-end 2019, Athabasca had liquidity of $340 million ($255 million cash equivalents & $85 million available credit facilities), inclusive of $80 million undrawn on the $120 million reserve-based credit facility (RCF). The RCF is revolving until May 31, 2020, and has been routinely extended with bi-annual reviews, with a current maturity date of May 31, 2021. Athabasca’s existing high yield debt has term until February 2022 with no financial or maintenance covenants. The Company’s risk management program will mitigate near term pricing volatility. The current 2020 hedge book has market to market gains of $58 million (April 1). Maximizing corporate funds flow and maintaining strong corporate liquidity during the current extreme price volatility is Athabasca’s top priority.

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 common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:
Matthew Taylor
Chief Financial Officer
1-403-817-9104
[e-mail]

^{Reader Advisory:}

^{This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “believe”, “view”, ”contemplate”, “target”, “potential” and similar expressions are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: the Company’s updated 2020 guidance; 2020 capital expenditures; and future credit facility reviews and other matters.}