At maximal heart rate the carbs you burn are ATP and creatine phosphate (PCr)... but at lower heart rate you convert glycogen (your bodys main carb store) to this and will also breakdown some muscle tissue (especially if dietary carbs are low).
A basic way to look at it is that fat requires a lot of chemical changes to be liberated for energy and so can only provide a 'slow trickle' of energy,...



