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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

Post by TheWokeLemmingon Aug 12, 2022 9:48am
178 Views
Post# 34891062

Sell off continues

Sell off continuesShort term there are better opportunities.  Long term CJ is still in great shape IF management doesn't lose investor trust.   The increased capex announced in Q2 was a step away from their stated plan, albeit acceptable if they stuck to  shareholder returns.  The dividend announcement was another step away from their stated plan and while some like the ability to buy shares cheaper the fact remains that the company is very likely under $50 million debt and didn't follow through on increasing returns to 50% FCF.   The market has acted accordingly.  Should the divvy remain at .05 for September 30 a lot more trust will be lost.   My opinion only.  GLTA.  
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