Athabasca Oil Announces Agreement to be Acquired by Cenovus Energy

Cenovus Energy has agreed to acquire Athabasca Oil Corporation for $12.00 per share in a transaction valued at approximately $5.8 billion, comprising 65% cash and 35% Cenovus shares. The deal represents a 14% premium to Athabasca's 20-day volume-weighted average price and a 25% premium to its after-tax net asset value. The transaction is expected to close in December 2026 and will consolidate assets in the McMurray fairway, generating operational synergies and accelerating development of Athabasca's thermal and Duvernay assets.