ATHABASCA OIL CORPORATION

FOCUSED | EXECUTING | DELIVERING

JANUARY 2015 CORPORATE UPDATE
 1
FORWARD LOOKING STATEMENT
This presentation 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, should, believe, target, predict, pursue and 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 Companys current plans, objectives, goals, strategies, estimates, assumptions and projections about the Companys industry, business and future 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 presentation should not be unduly relied upon. This information speaks only as of the date of this presentation. In particular, this presentation may contain forward-looking
information pertaining to the following: the Companys strategic focus and related goals; the Companys plans for, and results of, exploration and development activities; Athabascas plans with respect to its Light Oil assets, in particular in
respect of its Duvernay and Montney properties, and the expected benefits to be received by Athabasca from such assets; expectations regarding the Companys Light Oil division including anticipated production levels and timing of receipt
of significant revenues and operating results therefrom; the Companys 2015 production exit rate; the Companys expected future cash flow from the Duvernay; future production and production potential from the Companys Thermal Oil
division, including in respect of Hangingstone assets and the timing of and amount of plateau production from Hangingstone Project 1; future funding, financing, cash balances and liquidity; production targets, forecasts and guidance; cash
flow growth and cash flow potential; reserve growth potential; the timing of first steam and first production from Hangingstone Project 1; the receipt of proceeds from the promissory notes issued by Phoenix Energy Holdings Ltd. (Phoenix)
(the Promissory Notes); the timing of the drilling, completion and tie-in of planned Duvernay wells; the Companys capital expenditure program and expectations regarding future capital expenditures and capital allocation; future well costs
and the Companys anticipated cost learning curve in respect of drilling and completing such wells; projected Light Oil type curves; drilling and development plans, the expected quality and composition of the hydrocarbons that will be
produced from certain of the Companys Light Oil assets; the Companys estimated future commitments; the use of in-situ recovery methods such as Steam Assisted Gravity Drainage (SAGD) for production of recoverable bitumen,
including the potential benefits of such methods; economic and financial forecasts and estimates; and the expected receipt of regulatory approvals, including in respect of the Hangingstone Projects 2A and 2B.

With respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: commodity prices for crude oil, natural gas and bitumen blend; geological and engineering estimates in
respect of the Companys reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; the applicability of technologies for the recovery and production of the Companys
reserves and resources; the quality of the quality of the Companys Thermal Oil and Light Oil assets; the Companys ability to obtain qualified staff and equipment in a timely and cost efficient manner; the regulatory framework governing
royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; the value of the Companys tax pools; the Companys Light Oil well type curves; the impact that the timing of the
Companys receipt of payments made by Phoenix under the Promissory Notes will have on the Company, including the Companys financial condition, capital programs and results of operations; future capital expenditures to be made by the
Company; the future sources of funding for the Companys substantial capital programs; the Companys future debt levels; and the Companys ability to obtain financing on acceptable terms.

Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Companys most recent annual information form dated March 18, 2014 (AIF), which is available on
SEDAR at www.sedar.com, including, but not limited to: the substantial capital requirements of Athabascas projects and the ability to obtain financing for Athabascas capital requirements; failure by counterparties to make payments or
perform their obligations to Athabasca in compliance with the terms of contractual arrangements (including under the Promissory Notes) between Athabasca and such counterparties, including in compliance with the time schedules set out
in such contractual arrangements, and the possible consequences thereof; risks affecting the ability of HSBC Canada to honour obligations under the irrevocable letters of credit issued to secure the Promissory Notes; aboriginal claims;
fluctuations in market prices for crude oil, natural gas and bitumen blend; general economic, market and business conditions in Canada, the United States and globally; failure to obtain regulatory approvals or maintain compliance with
regulatory requirements; failure to meet development schedules and potential cost overruns; variations in foreign exchange and interest rates; factors affecting potential profitability; risks related to future acquisition and joint venture
activities; reliance on, competition for, loss of, and failure to attract key personnel; global financial uncertainty; uncertainties inherent in estimating quantities of reserves and resources; changes to Athabascas status given the current stage
of development; uncertainties inherent in SAGD and other bitumen recovery processes; expiration of leases and permits; risks inherent in Athabascas operations, including those related to exploration, development and production of
petroleum, natural gas and oil sands reserves and resources; risks related to gathering and processing facilities and pipeline systems; availability of drilling and related equipment and limitations on access to Athabascas assets; increases
in operating costs could make Athabascas projects uneconomic; the effect of diluent and natural gas supply constraints and increases in the costs thereof; gas over bitumen issues affecting operational results; environmental risks and
hazards and the cost of compliance with environmental regulations, including GHG regulations and potential Canadian and U.S. climate change legislation; extent of, and cost of compliance with, government laws and regulations and the
effect of changes in such laws and regulations from time to time; risks related to Athabascas filings with taxation authorities, including the risk of tax related reviews and reassessments; changes to royalty regimes; political risks; failure to
accurately estimate abandonment and reclamation costs; exploration, development and production risks inherent in crude oil and natural gas operations, including the production of crude oil and natural gas using multi-stage fracture and
other stimulation technologies; the potential for management estimates and assumptions to be inaccurate; long term reliance on third parties; reliance on third party infrastructure; seasonality; hedging risks; risks associated with establishing
and maintaining systems of internal controls; insurance risks; claims made in respect of Athabascas operations, properties or assets; competition for, among other things, capital, the acquisition of reserves and resources, export pipeline
capacity and skilled personnel; the failure of Athabasca or the holder of certain licenses, leases or permits to meet specific requirements of such licenses, leases or permits; risks related Athabascas credit facilities; alternatives to and
changing demand for petroleum; risks related to Athabascas common shares; and risks pertaining to Athabascas senior secured notes and term loans.

In addition, information and statements in this presentation relating to reserves, resources, hydrocarbons in-place and bitumen in place are deemed to be forward-looking information, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. The assumptions relating
to the Companys reserves and resources are contained in the reports of GLJ Petroleum Consultants Ltd. (GLJ) and DeGolyer and MacNaughton Canada Limited (D&M), each dated effective December 31, 2013. There is no certainty
that it will be commercially viable to produce any portion of the resources. With respect to the estimates of undiscovered bitumen-in-place, there is no certainty that any portion of the resources will be discovered. The estimates of reserves
and future net revenue for individual properties in this Presentation may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. For important additional
information about the Companys reserves and resources, please refer to the AIF. For additional information regarding the specific contingencies which prevent the classification of the Companys Contingent Resources as reserves, please
see Independent Reserve and Resource Evaluations Contingent Resources Estimates in the AIF. Contingent Resources, Best Estimate, Proved Reserves and Probable Reserves have the meanings given to those terms in the
AIF.

The forward-looking statements included in this presentation are expressly qualified by this cautionary statement. Athabasca does not undertake any obligation to publicly update or revise any forward-looking statements except as required
by applicable securities laws.

Additional Oil and Gas Information:

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Test Results and Initial Production Rates:

The well test results and initial production rates provided in this presentation should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of
long term performance or of ultimate recovery.
 2
REFINED STRATEGY FOR VALUE CREATION

Material Core Assets

o 1,000+ well inventory in the Duvernay shale play at Kaybob
o 80,000 bbl/d project potential at the Hangingstone thermal asset
WORLD CLASS ASSETS
Diverse portfolio provides long term optionality
o Montney exposure at Placid
o 9 billion bbl contingent resource1 (best estimate) in the oil sands

o $1.3 billion of funding in place2

BALANCE SHEET
o Focus on core areas
STRENGTH
o Adapt the capital program to economic cycles and drilling results

CASH FLOW o Develop assets with self funding growth capability in the medium-term
GUIDING PRINCIPLES

GROWTH o Maximize returns, netbacks and efficiencies

o Maintain operational agility

EXECUTION
o Technical rigor helps minimize risk
EXCELLENCE
o Capital and cost discipline sets the foundation for development

o Duvernay - transitioning from land to resource value

DELIVERING ON
o Hangingstone Project 1 (HS1) - first steam expected at the end of Q1
COMMITMENTS
o 2015 corporate exit target of 10,000 14,000 boe/d3 (>75% growth)

Footnotes and additional information included in the back as endnotes.

 3
CORPORATE OVERVIEW

CAPITALIZATION OVERVIEW (Q3 2014)

Stock exchange listing TSX
Trading symbol ATH
Share Price (January 7th, 2015) $2.25 $/sh

52-week trading range $2.02 - $8.84 $/sh

Basic shares outstanding 402.0 MM

Fully diluted shares 426.0 MM
Insider ownership 4.1 %

Market capitalization $905 MM

Cash and promissory notes1 ~$3/sh ($1,217) MM

Long-term debt* ~$2/sh $802 MM
~$1/sh ($415) MM
Total enterprise value $490 MM
Tax Pools >$2,000 MM
* Details on debt & credit facility provided on slide 22

Footnotes and additional information included in the back as endnotes.

 4
WELL POSITIONED FOR GROWTH
2015 HIGHLIGHTS
o Building a business that is self funded in the medium-term
o Exit volumes expected to grow by >75% in 2015
o Conservative approach to capital allocation and spending

CAPEX/ FUNDING IN PLACE* PRODUCTION (boe/d)

$1,400 Thermal Oil Capex ~$1.3bln
14,000 Gas 10,000-14,000
10,000 - 14,000
Light Oil Capex Liquids
$1,200 Funding
12,000

$1,000 10,000
$0.7bln >$1bln 8,000

boe/d
$800
$MM

(end of Q1/15) 6,397 6,000 - 6,250

$600 6,000 ~5,000
$445 4,000
$400 $350
$93 2,000
$200
$282 $238 $167** 0
$0
2013 2014e Q1/15e 2015e Exit
2013 2014e 2015e
* Funding reflects cash, available credit facilities & promissory notes
** Initial winter program spending
 5
FOCUSED ON OUR CORE ASSETS
LIGHT OIL: GREATER KAYBOB
2014/15 winter program
o $167 million initial 2015 budget1
o 11 Duvernay and 2 Montney wells
Go forward flexibility
Hangingstone
o Near-term Duvernay land retention requirements met by the spring
o Ownership and operatorship in strategic regional infrastructure
Long term potential Greater
Kaybob
o 200,000 Duvernay acres with the potential for 1,000+ wells
EDMONTON

THERMAL OIL: HANGINGSTONE

2015 program
o $77 million budget for Hangingstone Project 1 and Project 2A engineering
o Hangingstone Project 1 commissioning in Q1 2015
CALGARY

o Plateau production of 12,000 bbl/d expected in 2016

Long term potential
o ~1 billion bbl2,* resource supports production potential of 80,000 bbl/d
o Expansion contingent upon a successful ramp-up and market conditions

*Includes 51.1 MMbbl proved reserves, 174.0 MMbbl probable reserves and 782.0
MMbbl of best estimate contingent resource based on GLJ and D&M reports as of
December 31, 2013.
Footnotes and additional information included in the back as endnotes.
DUVERNAY OVERVIEW
 7
THE DUVERNAY IS A WORLD CLASS RESOURCE

SELECT UNCONVENTIONAL PLAYS IN

o Large in place resource NORTH AMERICA
WORLD
o High liquids yield: 100 -1,000 bbl/MMcf liquids
CLASS
o Initial results compare favorably to the Eagle Ford
RESOURCE
o Major E&Ps active in the play

o Proactive fiscal and regulatory environment

DUVERNAY o Minimal surface land use conflicts
ADVANTAGE o Well situated to services and infrastructure
o Premium pricing on condensate strong local market

o 100%WI Kaybob position, industry activity ramping up

AOC o > 200,000 acres across the liquids fairway
ADVANTAGE o Excellent land tenure ability to control pace
o Strategic ownership of key infrastructure

o High Duvernay exposure relative to market cap

o Superior economics DUVERNAY ESTIMATED HYDROCARBONS IN PLACE1
MATERIALITY
o Opportunity to accelerate production & cash flow growth o 443 Tcf of natural gas
o 1,000+ wells o 11.3 Bbbl of NGLs
o 61.7 Bbbl of oil

Footnotes and additional information included in the back as endnotes.

MATERIAL EXPOSURE ACROSS THE KAYBOB 8
DUVERNAY FAIRWAY

Volatile Oil
Sections: >150,000 acres
Locations: 1,300+

Condensate Rich Gas

Sections: >35,000 acres
Locations: 200+

AOC Duvernay Land AOC 2014/15 Winter Program (11) AOC Drilled Duvernay (9)
 9
KAYBOB DUVERNAY ACTIVITY UPDATE

4-29 S/C/Hz.
On stream: June 16, 2014
30 day IP (restricted) 615 boe/d
CTD 47 mboe, 71% liquids 8-29 Hz.
On stream: June 21, 2014
30 day IP (restricted) 784 boe/d
CTD 67 mboe, 77% liquids

13-23 Vert./C

16-36 S/C/Hz.
Completion: Q4 2014 2 8-18 S/Hz.
Planned on stream: Jan. 2015 On stream: Jan. 2, 2013
30 Day IP 775 boe/d
CTD 98 mboe, 79% liquids

1-7 S/Hz.
1-25 S/Hz. On stream: March 15, 2014
On stream: May 9, 2014 30 day IP (restricted) 750 boe/d
30 day IP (restricted) 1,461 boe/d CTD 101 mboe, 65% liquids
CTD 127 mboe, 52% liquids 6-10 S/Hz.
On stream: Dec. 28, 2012 2-34 S/Hz.
30 Day IP 600 boe/d On stream: Dec. 2012
CTD 111 mboe, 37% liquids 30 Day IP 1,350 boe/d
CTD 374 mboe, 48% liquids

S - vertical strat
C - core Apache Chevron Hitic Shell Trilogy Shell Partial

Xto Conoco Encana Talisman Other Apache Partial

AOC Duvernay Land AOC 2014/15 Winter Program (11) AOC Drilled Duvernay (9) Licensed Duvernay (394) Drilled Duvernay (238)

Winter program will retain 95% of land prospective for commercial development into the intermediate term. Continued lands gain 5 years of tenure beyond the 4 year primary term
 LIQUIDS AND OVERPRESSURE DRIVES 10
ECONOMICS
o Industry drilling has confirmed the overpressured nature of the basin
o High quality product (API low 40s to mid 50s)
o Material exposure across all thermal maturity windows

Pressure (1,000 psi)

0 5 10 15

AOC
0 Industry

2
5

Depth (1,000 ft)

08-18
2
4-32 Pad 01-07
02-34

10 01-25
06-10

0.44 0.6 0.7 0.8 0.9

Under-Pressured Over-Pressured
15

Liquid yield is cum/cum for wells with > 3 months production.

Public domain data with the exception of AOC wells 0 - 50 50 - 250 250 - 550 550+

bbl/MMcf
 11
CONDENSATE RICH GAS
KAYBOB WEST
SAXON SOUTH
Capital (Cur./Dev.) $MM $17/$10 $15/$8
Restricted IP30 boe/d 1,000 - 1,400 700 - 1,400
1
Initial Liquids Yields bbl/MMcf 50 - 400 50 - 400
EUR mboe 700 - 1000 600 - 900
Regional Players ECA, CVX, APA ECA, CVX, RDSA, TET
2
Royalties Eligible for shale gas & NGDDP royalty incentive
Inventory 3 ~160 ~50

Saxon Kaybob West South

3,500m vertical depth 2
3,000m vertical depth
1.5 2.0x over pressured >1.5x over pressured
~50o API 2 ~45-50o API
VALUE FROM CONDENSATE RICH GAS AND 12
VOLATILE OIL
2-34-62-20W5 WELL ECONOMICS WELL NPV SENSITIVITY TO LIQUIDS YIELDS1
Current Development 15 8-29-064-20W5

Capital $MM $15.0 $10.0

12

NPV 10% ($MM)

IP30 boe/d 1,350 1,350
2-34-62-20W5
EUR mboe 970 970 9
01-07-64-20W5

ROR % 42% 96% 6

NPV 10 $MM $10.3 $15.2
3
Recycle Ratio x 2.7x 4.1x
0
Breakeven $/bbl WTI ~$50 ~$20
0.5 1.0 1.5 2.0 2.5 3.0
* Based on single well economics
Raw Gas (BCF)
* Assumes $15 million well cost, represent initial liquids yield
2-34-62-20W5 TYPE CURVE EXTENDED FREE LIQUIDS YIELDS
1,400 700 1000
Gas (boe/d) 1-07-064-20W5
Liquids 8-29-064-20W5
1,200 600 2-34-062-20W5
Cumulative 800
Extended production data
1,000 500
Yield bbl/MMcf
confirming expectations
800 Current payout 400 600 that high liquids yields
boe/d

mboe

stabilize
600 Development payout 300 400
400 200
200
200 100
0 0 0
0 12 24 36 48 60 10 30
1 59
2 88
3 117
4 146
5 175
6 204
7
Months
Months
Flat pricing (US$80/bbl, $4/mcf AECO, 0.9 FX) see endnotes
Footnotes and additional information included in the back as endnotes.
 13
UNLOCKING THE VOLATILE OIL WINDOW
WHAT WE KNOW VOLATILE OIL WINDOW
o Encouraged by initial success from AOC and others Capital (Cur./Dev.) $MM $12 - $17 / $7 - $12
(restricted IPs >300 bbl/d, over-pressured, high quality Restricted IP30 boe/d 400 - 800+
product) 1
Initial Liquids Yields bbl/MMcf 400 - 1,000

o Kaybob East lowest cost area (due to shallower depth) EUR mboe 400 - 600
Regional Players RDSA, TET, Hitic
WINTER ACTIVITY Royalties 2 Eligible for shale gas incentive

o 1 producer (2-7-65-18W5 hz) and 3 non-producers (2 Inventory 3 1,300+

vt & 1 hz)

KAYBOB EAST
08-18-64-18W5 42API
Kaybob
2,500m vertical depth
>1.5x over pressured
2
>40o API

Simonette
3,500m vertical depth
very over pressured

Footnotes and additional information included in the back as endnotes.

 14
CONTROL OF STRATEGIC INFRASTRUCTURE
Total Battery Capacity Gas Pipeline
Oil Capacity 36,000 bbl/d Up to
Gas Capacity
84 MMcf/d, 180 MMcf/d
Gas Capacity expandable to
>130 MMcf/d
Kaybob East

AOC 91 km Pipeline
Fort
McMurray

Kaybob West

Saxon

Keyera
Simonette

SemCAMS KA
Placid

EDMONTON

o Operatorship provides flexibility to control pace of development

CALGARY
o 91km gas pipeline (50% WI); dually connected to regional gas plants
o 3 batteries process field condensate; connected to Pembinas Peace Pipeline
o Flexibility with takeaway options; scalable for future growth

Gas pipelines (TCPL/Alliance)

Oil pipelines (Pembina)

Diluent pipelines (Inter Pipeline)

 15
DUVERNAY GROWTH SCENARIO
SCENARIO OVERVIEW PROJECTED DAILY PRODUCTION
o Potential for significant annual production growth 70,000
Oil (bbl/d)
6
Condensate
o Cost learnings with the transition to development 60,000
NGL's 5

Production (boe/d)
Gas
o Self funding in the mid-term1 50,000
Rig Count 4

Rig Count
o Project rate of return ~40%1 40,000
3
30,000
2
20,000
10,000 1

0 0
2015 2016 2017 2018 2019

ANTICIPATED COST LEARNING CURVE PROJECTED FREE CASH FLOW

20 Completions 500 go-forward BT Cash flow
500
18 Drilling 400 400

Cumulative Cash flow ($MM)

Annual Free Cash flow ($ MM)
go-forward Cumulative Cash flow
16 300 300
14 200 200
D&C Cost ($MM)

12 100 100
10 0 0
8 -100 -100
6 -200 -200
4 -300 -300
2 -400 -400
0 -500 -500
Initial Appraisal Mid Term Long Term 2015 2016 2017 2018 2019

Flat pricing (US$80/bbl, $4/mcf AECO, 0.9 FX) see endnotes

Footnotes and additional information included in the back as endnotes.
 16
MONTNEY APPRAISAL AT PLACID
PLACID MONTNEY WELL ECONOMICS1
o 2 well winter appraisal program aimed at Current Development
demonstrating well performance similar to offsetting Capital $MM $12.2 $8.1
operators IP30 boe/d 1,520 1,520
o 100+ potential inventory (2 separate Montney cycles) EUR mboe 715 715
o No near term land expiries ROR % 26% 73%

o Upside to type curve with longer laterals and refined NPV 10 $MM $3.9 $8.1
completion techniques Recycle Ratio x 2.1x 3.2x
Breakeven $/bbl WTI ~$60 ~$20
* Based on single well economics
TYPE CURVE
1,600 180
Gas (boe/d)
1,400 Liquids 160
Cumulative
1,200 140
Current payout
9-26-60-24W5 120
drilling 1,000 Development payout
100

boe/d

mboe
800
80
600
60
400 40
8-20-60-23W5
completing 200 20
0 0
0 12 24 36 48 60
Months

Flat pricing (US$80/bbl, $4/mcf AECO, 0.9 FX) see endnotes

Footnotes and additional information included in the back as endnotes.
HANGINGSTONE OVERVIEW
 18
HANGINGSTONE DEVELOPMENT
HANGINGSTONE PROJECT 1 (12,000 BBL/D)
Fort McMurray
o $63 million forecasted remaining spend in 2015
o Targeting first steam at the end of Q1 2015
o $708 million project capital on time/budget
o US$55/bbl cash flow break-even CPF

WHAT HS1 MEANS FOR ATHABASCA

o Stable production for ~35 years
o Demonstrated executional performance in the oil Sales pipeline 12,000 bbl/d Enbridge
sands Fuel gas
Diluent
12,000 bbl/d
Cheecham
Additional footnotes are located at the end of the presentation

LONG TERM POTENTIAL CASH FLOW AND PRODUCTION GROWTH

o 1 billion bbl resource1,*; 80,000 bbl/d potential $175 14,000
Daily Bitumen Production
o Regional infrastructure in place for expansion $150 12,000

Operations Cash Flow ($MM)

Cash from Operations

Daily production (bbl/d)

$125 Start-up Cost 10,000
o Potential HS2A 8,000 bbl/d debottleneck to take
advantage of economies of scale $100 8,000
$75 6,000
o Sanctioning of future phases considered following
successful ramp-up of HS1 $50 4,000
$25 2,000
$0 -0
-$25 -2,000
-$50 -4,000
2015 2016 2017
*Includes 51.1 MMbbl proved reserves, 174.0 MMbbl probable reserves and 782.0
MMbbl of best estimate contingent resource based on GLJ and D&M reports as of
December 31, 2013.
Flat pricing (US$80/bbl, $4/mcf AECO, 0.9 FX) see endnotes
Footnotes and additional information included in the back as endnotes.
 19
AOC LEARNINGS LEAD TO SUCCESS
POTENTIAL
LEARNINGS APPLIED ~ 5m of separation as per design
ISSUE
Drilled more delineation wells than industry
KNOW THE average
RESERVOIR
High definition 3D Seismic
Engineering and construction best practices
ENGINEERING Drilling path and separation survey
(on budget/schedule)
Clean bitumen saturated sand
25 well pairs drilled
(18 required in reservoir simulation)
Reservoir image logs to support defining facies along SAGD Wellpairs
Stayed within effective pay zone
WELL DESIGN
(>90% in all producers)

Parallel wells
(5m separation for all well pairs)

STEAM
3.5x SOR built vs. 3.2x simulation
CAPACITY

UNDERSTAND In depth competitor analysis to support

THE ANALOGS assumptions

TECHNOLOGY Utilizing proven SAGD technology

Effective wellbore length average above design target > 90%
Production & injection wellbores in the HS1 the reservoir
SUPPLEMENTAL INFORMATION
 21
ACTIVITY LEVELS REMAIN ROBUST
INDUSTRY TRANSITIONING TO DEVELOPMENT PLAY DEVELOPMENT
o Majors are accelerating activity from the appraisal
to development stage Eagle Ford

Play Maturity / Valuation

o 6 - 8 multi-well pads (Apache, Chevron, Encana,
Shell); companies remain active
o $1.5 billion Chevron/KUFPEC deal implies a valuation Montney
of ~US$15,000/acre
Willesden Green
Duvernay
Edson
Kaybob Duvernay
Duvernay Source: RBC Rundle

Emerging Commercial Blowdown

Plays Development Assets
DUVERNAY LICENSING ACTIVITY
120 500

Total Industry Cumulative Licenses

Total Industry Licenses
Cumulative Licenses per Operator

100 Trilogy Rsrcs Ltd

400
Husky Oil Oprtns Ltd
80 Chevron Cda Ltd
XTO Enrg Cda ULC 300
60 Encana Corp
Shell Cda Ltd
200
40 Athabasca Oil Corp

100
20

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014

*Reflects industry activity for Kaybob operators with 10+ licenses. 2014-Qtr4 is as of December 31, 2014
 22
DEBT AND CREDIT FACILITY OVERVIEW

UNDRAWN CREDIT FACILITIES Q3 2014 INTEREST RATE PRE-PAYMENT TERMS

Cdn $125 million senior secured revolving
credit facility due 2017 $125 ~ 5% Pre-payable without penalty
05/2015 102%
US $50 million senior secured term loan LIBOR + 7.25% 05/2016 101%
delayed draw facility due 2019 $56 1.00% LIBOR floor 05/2017 and beyond 100%
Total undrawn facilities $181

OUTSTANDING DEBT Q3 2014 INTEREST RATE PRE-PAYMENT TERMS

05/2015 102%
US $225 million senior secured term loan LIBOR + 7.25% 05/2016 101%
due 20191 $252 1.00% LIBOR floor 05/2017 and beyond 100%
11/2014 107.50%
Cdn $550 million senior secured second 11/2015 103.75%
lien notes due 20172 $550 7.50% 11/2016 and beyond 100%
Total outstanding debt $802

Footnotes and additional information included in the back as endnotes.

 23
OTHER LONG TERM ASSETS
GROSMONT
o 418 MMbbl contingent resource1 (best estimate, AOC interest)

Slave Point BIRCH

SLAVE POINT
o > 675,000 acre land position o 2.1 Bbbl contingent resource1
(best estimate)
o Validated oil production
with 2013 pilot program Birch
Grosmont

Dover
DOVER WEST SANDS
West
MONTNEY o ~2.7 Bbbl contingent resource2
(best estimate)
o ~100,000 acres of Montney
prospective for commercial
development DOVER WEST CARBONATES
o 3.0 Bbbl contingent resource2
Montney (best estimate)
Edmonton

Footnotes and additional information included in the back as endnotes.

 24
MANAGEMENT TEAM AND BOARD
MANAGEMENT TEAM BOARD OF DIRECTORS
Thomas Buchanan, FCA Thomas Buchanan, FCA
Chief Executive Officer Chairman & Chief Executive Officer
o Over 30 years experience in the oil and natural gas sector, and currently
Chairman of Spyglass Resources Corp. Ronald Eckhardt
o Formerly CEO of Spyglass Resources Corp. prior thereto, CEO of Provident Lead Director, Chair of the Reserves and HSE
Energy Trust, previously known as Founders Energy Committee, and member of the Compensation and
o Brings extensive experience in the energy sector, a strong financial
Governance Committee
background, leading growth through internal expansion, mergers and
acquisitions and investor relations
Sveinung Svarte, MBA, MSc.
Rob Broen, P.Eng. Vice Chairman of the Board and member of the
President & Chief Operating Officer Reserves and HSE Committee
o Joined Athabasca Oil Corporation in Nov. 2012 as Senior Vice President Light
Oil, promoted to Chief Operating Officer in Oct. 2013 and promoted to Gary Dundas, CMA, MBA
President and COO in Jan. 2015 Board member, Chair of the Compensation and
o Brings over 20 years of exploration and production expertise Governance Committee, and member of the Audit,
o Prior to joining Athabasca, Mr. Broen held the role of President and Director, Reserves and HSE Committees
Talisman Energy USA Inc. based in Pittsburgh, PA. He was promoted to Senior
Vice-President, North American Shale based in Calgary where he managed a
Carlos Fierro appointed January 2015
capital budget of over $1 billion and a 120,000 boe/d North American shale
gas portfolio (Montney, Duvernay, Marcellus and Eagle Ford)
Paul Haggis appointed January 2015
Kim Anderson, CA
Chief Financial Officer Marshall McRae, CA
o Joined Athabasca Oil Corporation in February 2014, as Chief Financial Officer Board member, Chair of the Audit Committee, and
o Brings 14 years of diversified financial experience in the energy industry member of the Compensation and Governance
o Prior to joining Athabasca, Ms. Anderson was CFO of KANATA Energy Group Committee
Ltd. and prior thereto, held various roles at Provident Energy Ltd.
Peter Sametz, P.Eng.
Matt Taylor, CFA Board member, member of the Reserves and HSE
Vice-President, Capital Markets & Communications Committee and member of the Audit Committee
403.817.9104
mtaylor@atha.com
 25
ENDNOTES
Slide Endnotes
2 (1) Best estimate contingent resource adjusted for the Dover disposition
(2) Estimated funding in place as of December 31, 2014; includes cash and cash equivalents, available credit facility and promissory notes
(3) Corporate production guidance based on a $167 million initial 2015 light oil budget, predominately reflects drilling & completion activity until spring
break-up; $93 million full year thermal budget
3 (1) $584 million promissory notes issued by Phoenix Energy Holdings Ltd. (subsidiary of PetroChina). $300 million due March 2015, $150MM due August
2015 and $134 million due August 2016. Notes are unconditional and secured by irrevocable standby letters of credit issued by HSBC Bank Canada

5 (1) $167 million initial 2015 light oil budget, predominately reflects drilling & completion activity until spring break-up
(2) Includes 51.1 MMbbl proved reserves, 174.0 MMbbl probable reserves and 782.0 MMbbl of best estimate contingent resource based on GLJ and D&M
reports as of December 31, 2012
7 (1) ERCB/AGS open file report 2012-06 Summary of Albertas shale and siltstone hosted hydrocarbon resource potential P50 resource estimate

11 (1) Field condensate; excludes NGLs

(2) Wells qualify for the Shale Gas New Well Royalty Rate (SGNWRR) and the Natural Gas Deep Drilling Program (NGDDP) in the Alberta Royalty framework
(3) Inventory is based on 4 wells per section

12 (1) Initial field condensate cuts & gas recovery estimates

(2) Commodity price assumptions used throughout economics in the presentation are WTI US$80/bbl, C$/US$0.90, Edmonton Par Differential (US$7.00),
20% WCS heavy differential, C5+ 100% WTI, AECO C$4/mcf
13 (1) Field condensate; excludes NGLs
(2) Wells qualify for the Shale Gas New Well Royalty Rate (SGNWRR) in the Alberta Royalty framework
(3) Inventory is based on 6 wells per section
15 (1) Commodity price assumptions used throughout economics in the presentation are WTI US$80/bbl, C$/US$0.90, Edmonton Par Differential (US$7.00),
20% WCS heavy differential, C5+ 100% WTI, AECO C$4/mcf
16 (1) Management type curve estimate based on regional results
(2) Commodity price assumptions used throughout economics in the presentation are WTI US$80/bbl, C$/US$0.90, Edmonton Par Differential (US$7.00),
20% WCS heavy differential, C5+ 100% WTI, AECO C$4/mcf
18 (1) Includes 51.1 MMbbl proved reserves, 174.0 MMbbl probable reserves and 782.0 MMbbl of best estimate contingent resource based on GLJ and D&M
reports as of December 31, 2013.
(2) Commodity price assumptions used throughout economics in the presentation are WTI US$80/bbl, C$/US$0.90, Edmonton Par Differential (US$7.00),
20% WCS heavy differential, C5+ 100% WTI, AECO C$4/mcf
22 (1) Athabasca has entered into a US dollar forward contract of US$270.8 million relating to the interest payments and principal repayments for the Term
Loans at a rate of US$1.00 = C$1.1211 expiring on March 31, 2017.
(2) The senior secured second lien notes have an assigned B credit rating from both DBRS and S&P
23 (1) Contingent resource best estimate; based on December 31, 2013 D&M Report
(2) Contingent resource best estimate; based on December 31, 2013 GLJ Report
 Corporate Office
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Telephone: 403-237-8227
Fax: 403-264-4640
www.atha.com