As the commodity outlook improved the Company commenced ramping up volumes through the balance of the quarter. Yahoo is part of Verizon Media. The Thermal Oil Operating Netback measure is calculated by dividing the respective projects Operating Income (Loss) by its respective bitumen sales volumes and is presented on a per barrel basis. Stock analysis for Athabasca Oil Corp (ATH:Toronto) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Recent multi-well pads at Kaybob East have had IP30s averaging ~1,000 boe/d per well (88% liquids) and IP90s ~840 boe/d (85% liquids). 16 wells have been brought on stream in 2020.Balance Sheet and Financial Highlights * Balance Sheet: $170 million in liquidity, of which $167 million is unrestricted cash. Through the summer planned turnaround activities were completed. The Consolidated Capital Expenditures Net of Capital-Carry and Light Oil Capital Expenditures Net of Capital-Carry measures in this News Release are outlined in the Company’s Q2 2020 MD&A. Finally, the Company bolstered its liquidity by $70 million through an upsized Contingent Bitumen Royalty.The Company is well positioned to navigate the current challenging environment with $170 million in liquidity, of which $167 million is unrestricted cash. Athabasca is disappointed in the lack of urgency by the Federal Government to administer the program in an effective manner. The Company entered 2020 with a strong liquidity position allowing it to withstand the economic impact on its low decline, long reserve life assets.Resiliency Measures Taken in Response to COVID-19  * Reduction to Capital: 2020 budget of $85 million reflecting a $40 million reduction. The Company does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws. The forward-looking information included in this News Release is expressly qualified by this cautionary statement and is made as of the date of this News Release.

The Company has implemented business procedures that comply with Alberta Health Guidelines. * Kaybob Duvernay: Well results continue to screen as top liquids wells in the Basin with Kaybob East IP90s averaging 840 boe/d (85% liquids). Athabasca expects WCS differentials to widen from current spot levels (US$7.79/bbl August WCS index differentials) through the fall as more industry volumes are placed back on production.The global heavy oil market continues to see structural supply declines in Venezuela and Mexico, extended OPEC production cuts and growing petrochemical demand.
(4) The face value of the 2022 Notes is US$450 million. Adjusted Funds Flow is calculated by adding certain non-cash changes to working capital and settlement of provisions to cash flow from operating activities. Then compare your rating with others and see how opinions have changed over the week, month or longer. Athabasca is well positioned for this changing dynamic with its Thermal Oil assets.Corporate Update and Response to COVID-19Safety is a key priority for Athabasca. An all-star lineup of business leaders tell us what to expect amid generational change. Hard-hit Canadian oil companies still waiting for Trudeau loans, Sector Oil Exploration & Production - Onshore, President, Chief Executive Officer & Director, As Teck oil sands mine hopes for okay from Canada's Trudeau, 20 other projects on hold. Currency in CAD Add to watchlist 0.1300 0.0000 (0.00%) As of 11:00AM EDT. In response to unprecedented commodity prices, the Company elected to defer the start-up of its new Montney development wells. Corporate hedges have been implemented to protect downside volatility. (2) Includes realized commodity risk management gains of $24.4 million and $45.9 million for the three and six months ended June 30, 2020, respectively (three and six months ended June 30, 2019 - $15.0 million loss and $32.8 million loss). CALGARY, Alberta, July 29, 2020 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) reported its operating and consolidated financial results for the three months ended June 30, 2020. Athabasca responded swiftly to mitigate the impact of these unexpected events. The Company's principal properties include Kaybob and Placid asset areas located in northwestern Alberta and Hangingstone asset. * Reduced Future Financial Commitments: Reassigned 15,000 bbl/d of Keystone XL transportation. Major initiatives to date include a reduction to the 2020 capital program, significant production curtailments, partnering with service companies to reduce operating costs and reducing future financial commitments on the Keystone XL pipeline. The Thermal Oil Operating Income (Loss) measure in this News Release with respect to the Leismer Project and Hangingstone Project is calculated by subtracting the cost of diluent blending, royalties, operating expenses and transportation & marketing expenses from blended bitumen sales and adjusting for the impacts of inventory write-downs. With the improved commodity price outlook, the Company is planning to restart field operations in September. Capital expenditures were $1.1 million during the quarter as the Company completed its winter Montney and Duvernay program. * Financial Results: Q2 Operating Income of $6.2 million with financial results impacted by realized price declines related to the onset of the COVID-19 pandemic. All information other than statements of historical fact is forward-looking information. This information speaks only as of the date of this News Release. Athabasca has successfully transitioned its office staff back to the office and the field sites continue to take site specific pre-cautionary measures related to COVID-19. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. * Production Curtailments: Temporary curtailments; assets returning to productive capacity in Q3. The initial production rates provided in this News Release should be considered to be preliminary. Global commodity prices declined significantly as countries around the world enacted emergency measures to combat the spread of the virus.

Placid is positioned for flexible future development with an inventory of approximately 200 locations and no near-term land retention requirements.In the Greater Kaybob Duvernay 16 wells have been brought on-stream year-to-date. A planned facility turnaround has now been completed. Volumes were temporarily curtailed in response to unprecedented pricing. Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 4, 2020 available on SEDAR at www.sedar.com, including, but not limited to: fluctuations in commodity prices, foreign exchange and interest rates; political and general economic, market and business conditions in Alberta, Canada, the United States and globally; changes to royalty regimes, environmental risks and hazards; the potential for management estimates and assumptions to be inaccurate; the dependence on Murphy as the operator of the Company’s Duvernay assets; the capital requirements of Athabasca’s projects and the ability to obtain financing; operational and business interruption risks, including those that may be related to the COVID-19 pandemic; failure by counterparties to make payments or perform their operational or other obligations to Athabasca in compliance with the terms of contractual arrangements; aboriginal claims; failure to obtain regulatory approvals or maintain compliance with regulatory requirements; uncertainties inherent in estimating quantities of reserves and resources; litigation risk; environmental risks and hazards; reliance on third party infrastructure; hedging risks; insurance risks; claims made in respect of Athabasca’s operations, properties or assets; risks related to Athabasca’s amended credit facilities and senior secured notes; and risks related to  Athabasca’s common shares.The risks and uncertainties referred to above are described in more detail in Athabasca’s most recent AIF, which is available on the Company’s SEDAR profile at www.sedar.com. Drilling and completion costs have been reduced to ~C$7.5 million (2-well pads) with line of sight to further improvements with multi-well pad development. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS.Adjusted Funds Flow is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Light Oil Operating Netback measure is calculated by dividing the Light Oil Operating Income (Loss) by the Light Oil production and is presented on a per boe basis. Initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.Non-GAAP Financial Measures The "Adjusted Funds Flow”, "Light Oil Operating Income", “Light Oil Operating Netback”, “Light Oil Capital Expenditures Net of Capital‐Carry”, "Thermal Oil Operating Income (Loss)", "Thermal Oil Operating Netback", “Consolidated Operating Income”, “Consolidated Operating Netback”, and “Consolidated Capital Expenditures Net of Capital‐Carry” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non‐GAAP measures.

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