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Athabasca Oil Reports Increased Bitumen Contingent Resources and Light Oil Reserves

Athabasca Oil Corporation (ATH.TO) reported the highlights of an independent reserves and resources evaluation of its thermal and light oil assets, at December 31, 2012.

Highlights:

- Reclassification of 51 million barrels of Hangingstone's probable bitumen reserves to the proved reserve category

- Contingent bitumen resources (best estimate) increased, year-over-year, by approximately eight percent to 10.6 billion bbl of bitumen

- Proved plus probable bitumen reserves increased over the previous year's estimate of 339 million bbl of bitumen (net of the disposition of the MacKay River Joint Venture), to an estimated 342 million bbl

- Light oil reserves increased by approximately 139 percent, year-over-year, from 9.2 million barrels of oil equivalent ("boe") of proved plus probable reserves to 22.0 million boe proved of plus probable reserves.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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