Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Athabasca Oil Corporation, Valuation and Financial Data 8 Athabasca Oil Corporation, Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Athabasca Oil Corporation, Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Athabasca Oil Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Athabasca Oil Corporation, Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Athabasca Oil Corporation, Quarterly Production Trends 13 Athabasca Oil Corporation, Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Athabasca Oil Corporation, Crude Oil Production 15 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16 Athabasca Oil Corporation, Natural Gas Production 17 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18 Athabasca Oil Corporation, Valuation and Financial Data, 2011-2015 19 Athabasca Oil Corporation, Share Price Performance, 2011-2015 19 Share Price Performance, 2011-2015 19 Key Valuation Metrics, 2011-2015 20 Athabasca Oil Corporation, Production and Reserves Trends 21 Total Oil and Gas, Reserves and Production 21 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25 Crude Oil/Liquids Production and Reserve 26 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26 Crude Oil Production and Reserves By Country/Region, 2011-2015 27 Crude Oil/Liquids Reserve Changes, 2011-2015 29 Natural Gas Production and Reserve 30 Natural Gas Production and Reserve Trend, 2011-2015 30 Natural Gas Production and Reserves, By Country/Region, 2011-2015 31 Natural Gas Reserve Changes, 2011-2015 33 Total Crude Oil and Natural Gas Reserves Life Index 34 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 35 Athabasca Oil Corporation, E&P Costs Trends 37 Allocation of the Upstream Capital Expenditure 37 Upstream Capital Expenditure, 2011-2015 37 Acquisition Costs By Country/Region, 2011-2015 38 Exploration and Development Costs, By Country/Region, 2011-2015 39 Oil and Gas Cost Per boe, US$/boe 41 Oil and Gas Cost Per boe, US$/boe, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 42 Athabasca Oil Corporation, Reserve Replacement Ratio 44 Oil and Gas Production Replacement Ratio 44 Oil and Gas Production Replacement Ratio, 2011-2015 44 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 46 Athabasca Oil Corporation, Results of Oil & Gas Operations Trend 50 Oil and Gas Revenue and Expenses 50 Oil and Gas Revenue and Expenses, 2011-2015 50 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 51 Oil and Gas Revenue and Expenses, Per boe 56 Oil and Gas Revenue and Expenses, By boe, 2011-2015 56 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 57 Oil and Gas Performance Metrics 61 Well Statistics 62 Producible Oil and Gas Well, 2011-2015 62 Producible Oil and Gas Well, By Country/Region, 2011-2015 63 Exploration and Development Wells Drilled, 2011-2015 67 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 68 Recent Developments 69 Athabasca Oil Corporation - Recent Developments 69 Jul 27, 2016: Athabasca Oil Reports 2016 Second Quarter Results And An Increased Capital Budget For The Placid Montney 69 Jun 20, 2016: Athabasca Oil Announces A $129 Million Contingent Bitumen Royalty And Repayment Of US$221 Million Term Loan 72 May 24, 2016: Athabasca Oil Resumes Operations At Hangingstone 73 May 06, 2016: Athabasca Oil Reports 2016 First Quarter Results And Director Appointment 73 May 05, 2016: Athabasca Oil Shuts Down Hangingstone Due To Forest Fires 76 May 04, 2016: Athabasca Oil Provides Update On Fort McMurray Fires; No Impact To Current Operations At Hangingstone 76 Mar 10, 2016: Athabasca Oil Reports 2015 Year-end Results And Reserves 77 Dec 02, 2015: Athabasca Oil Announces Its 2016 Capital Budget 82 Nov 04, 2015: Athabasca Oil Reports Third Quarter 2015 Financial And Operating Results 84 Sep 28, 2015: Athabasca Oil Provides Operations Update 88 Appendix 89 Methodology 89 Coverage 89 Secondary Research 89 Primary Research 89 Data Information Sources 90 Company Source 90 SEC/Other Regulatory Filings 90 Other Sources 90 Expert Panel Validation 90 Data Definition 90 Oil and Gas Reserves 90 Units of Measure 91 About GlobalData 91 Disclosure 91 Disclaimer 91

List of Tables Table 1: Athabasca Oil Corporation, Key Facts 7 Table 2: Athabasca Oil Corporation, Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Athabasca Oil Corporation, Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Athabasca Oil Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Athabasca Oil Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Athabasca Oil Corporation, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Athabasca Oil Corporation, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Athabasca Oil Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Athabasca Oil Corporation, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Table 10: Athabasca Oil Corporation, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Table 11: Athabasca Oil Corporation, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Table 12: Athabasca Oil Corporation, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Table 13: Athabasca Oil Corporation, Share Price Performance, 2011-2015 19 Table 14: Athabasca Oil Corporation, Key Valuation Metrics, 2011-2015 20 Table 15: Athabasca Oil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Table 16: Athabasca Oil Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 24 Table 17: Athabasca Oil Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 25 Table 18: Athabasca Oil Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Table 19: Athabasca Oil Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 28 Table 20: Athabasca Oil Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 29 Table 21: Athabasca Oil Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Table 22: Athabasca Oil Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 32 Table 23: Athabasca Oil Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 33 Table 24: Athabasca Oil Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 34 Table 25: Athabasca Oil Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 36 Table 26: Athabasca Oil Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 37 Table 27: Athabasca Oil Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 38 Table 28: Athabasca Oil Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 40 Table 29: Athabasca Oil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41 Table 30: Athabasca Oil Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 43 Table 31: Athabasca Oil Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 45 Table 32: Athabasca Oil Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 49 Table 33: Athabasca Oil Corporation, Revenue and Expenses, US$ mil, 2011-2015 50 Table 34: Athabasca Oil Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 55 Table 35: Athabasca Oil Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56 Table 36: Athabasca Oil Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 60 Table 37: Athabasca Oil Corporation, Oil and Gas Performance Metrics, 2011-2015 61 Table 38: Athabasca Oil Corporation, Producible Oil and Gas Wells, 2011-2015 62 Table 39: Athabasca Oil Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 66 Table 40: Athabasca Oil Corporation, Exploratory and Developed Wells, 2011-2015 67 Table 41: Athabasca Oil Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 68 List of Figures Figure 1: Athabasca Oil Corporation, Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Athabasca Oil Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Athabasca Oil Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Athabasca Oil Corporation, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Athabasca Oil Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Athabasca Oil Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Athabasca Oil Corporation, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15 Figure 8: Athabasca Oil Corporation, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16 Figure 9: Athabasca Oil Corporation, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17 Figure 10: Athabasca Oil Corporation, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18 Figure 11: Athabasca Oil Corporation, Share Price Performance, CAD/Share, 2011-2015 19 Figure 12: Athabasca Oil Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20 Figure 13: Athabasca Oil Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21 Figure 14: Athabasca Oil Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 23 Figure 15: Athabasca Oil Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 23 Figure 16: Athabasca Oil Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 25 Figure 17: Athabasca Oil Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 26 Figure 18: Athabasca Oil Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 27 Figure 19: Athabasca Oil Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 27 Figure 20: Athabasca Oil Corporation, Crude Oil Reserve Changes, mmbbl, 2015 29 Figure 21: Athabasca Oil Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 30 Figure 22: Athabasca Oil Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 31 Figure 23: Athabasca Oil Corporation, Gas Production, By Country/Region, bcf, 2011-2015 31 Figure 24: Athabasca Oil Corporation, Natural Gas Reserve Changes, bcf, 2015 33 Figure 25: Athabasca Oil Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 34 Figure 26: Athabasca Oil Corporation, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 27: Athabasca Oil Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 35 Figure 28: Athabasca Oil Corporation, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 29: Athabasca Oil Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 37 Figure 30: Athabasca Oil Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 38 Figure 31: Athabasca Oil Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Athabasca Oil Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 33: Athabasca Oil Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41 Figure 34: Athabasca Oil Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 35: Athabasca Oil Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42 Figure 36: Athabasca Oil Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43 Figure 37: Athabasca Oil Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 44 Figure 38: Athabasca Oil Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 39: Athabasca Oil Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 40: Athabasca Oil Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47 Figure 41: Athabasca Oil Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47 Figure 42: Athabasca Oil Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 48 Figure 43: Athabasca Oil Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 48 Figure 44: Athabasca Oil Corporation, Revenue and Expenses, US$ mil, 2011-2015 50 Figure 45: Athabasca Oil Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 46: Athabasca Oil Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 47: Athabasca Oil Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52 Figure 48: Athabasca Oil Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 52 Figure 49: Athabasca Oil Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53 Figure 50: Athabasca Oil Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 53 Figure 51: Athabasca Oil Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 52: Athabasca Oil Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56 Figure 53: Athabasca Oil Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 54: Athabasca Oil Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 57 Figure 55: Athabasca Oil Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 56: Athabasca Oil Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 58 Figure 57: Athabasca Oil Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 59 Figure 58: Athabasca Oil Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 59 Figure 59: Athabasca Oil Corporation, Oil and Gas Performance Metrics, 2011-2015 61 Figure 60: Athabasca Oil Corporation, Producible Oil and Gas Wells, 2011-2015 62 Figure 61: Athabasca Oil Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 63 Figure 62: Athabasca Oil Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 63 Figure 63: Athabasca Oil Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 64 Figure 64: Athabasca Oil Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 64 Figure 65: Athabasca Oil Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 66: Athabasca Oil Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 65 Figure 67: Athabasca Oil Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 66 Figure 68: Athabasca Oil Corporation, Exploratory and Developed Wells, 2011-2015 67