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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is an oil and gas company with operations focused on low decline oil in Western Canada. It is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta, British Columbia, and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. It has over 730 million original oils in place (OOIP) and its low decline production of approximately 3,200 barrels of oil equivalent per day (boe/d) is supported by both water and carbon dioxide (CO2) enhanced oil recovery (EOR). Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large original oil in place (OOIP) pools. Its North area includes Grande Prairie, Clearwater, House Mountain, Mica, and Mitsue properties.


TSX:CJ - Post by User

Comment by ABOilon Jun 20, 2017 3:37pm
135 Views
Post# 26384138

RE:RE:RE:RE:RE:You got to think....

RE:RE:RE:RE:RE:You got to think....From those who I have been talking with, the deal will close and the dealers will be long some portion of unsold stock (rumours of 30%), and I believe the close date is June 22. Regardless, at that time research comes off restriction and we should see  bunch of updates in terms of views. The overhang of unsold stock will have to be dealt with, and we have the continued headwinds of the oil price, so I don't expect a miraculous recovery any time soon.  This was a net positive deal for Cardinal,and does improve their overall asset quality, but look at the broader landscape and they are not alone with their share price challenges. 
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