Equinor ASA: Early Warning Press Release

Stavanger, Rogaland, Norway, January 20, 2021 – Equinor ASA ("Equinor") (OSE: EQNR, NYSE: EQNR) announces that on January 19, 2021 it disposed of its beneficial ownership of an aggregate of 100,000,000 common shares ("Common Shares") of Athabasca Oil Corporation ("Athabasca"), at a price of C$0.18 per Common Shares, for aggregate gross proceeds of C$18,000,000 (the "Transaction"), through the facilities of the Toronto Stock Exchange on a block trade basis.

Immediately prior to the Transaction, Equinor beneficially owned and controlled a total of 100,000,000 Common Shares of Athabasca, representing approximately 18.8% of the issued and outstanding Common Shares of Athabasca. Immediately following the Transaction, Equinor no longer has beneficial ownership and control over any of the issued and outstanding Common Shares of Athabasca.

As a result of the Transaction, Equinor's beneficial ownership of Common Shares of Athabasca has decreased to less than 10% of the issued and outstanding Common Shares of Athabasca and it has ceased to be a "reporting insider" as defined in National Instrument 55-104 – Insider Reporting Requirements. Accordingly, Equinor will no longer file insider or early warning reports in respect of its ownership of securities of Athabasca, except as required by applicable law.

The disposition of Common Shares was undertaken in the ordinary course of business for investment purposes.

Athabasca's head office is located at 1200, 215 - 9th Avenue SW, Calgary, Alberta, T2P 1K3.

An early warning report will be filed by Equinor in accordance with applicable securities laws and will be made available on Athabasca's SEDAR profile at www.sedar.com or may be obtained directly from Equinor at the address below.

For additional information, please contact:

Equinor ASA
Forusbeen 50,
4035, Stavanger
Rogaland, Norway

Attn: Erik Hunsbedt
Telephone: +47 90104572


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