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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 Rational43on Jul 29, 2021 10:45am
130 Views
Post# 33620759

RE:RE:The Market Hates CJ This Morning

RE:RE:The Market Hates CJ This MorningAdjusted funds flow was a little lighter than expected, but 39% of their production was hedged in Q2, and on the unhedged portion the price was $10 lower most of the Quarter.  

Only 17% hedged for Q3, and unhedged for 2022.  The real differentiator will be Q3 results when Cardinal realizes current high prices, while most of its competitors are still stuck selling half their oil for $50 a barrel.  

Otherwise, Production is up Y/Y, FCF is up 57% over Q1, and debt has declined 17% in six months with much lower oil prices.  Oh, and CJ is carbon negative...and would greatly help the "Carbon footprint" of any large public oil companies looking to do some green marketing.  

"At current pricing levels, the Company forecasts our net debt to Q4 2021 annualized adjusted
funds flow ratio to be below 1.0x."

Cardinal continues to be a net zero emissions (scope 1) company. Through our world class Carbon Capture and Sequestration ("CCS") enhanced oil recovery ("EOR") operation at Midale, the Company has sequestered
approximately 89,000 tonnes of CO2 year to date and is forecasting to sequester over 200,000 tonnes in 2021.

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