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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. The Company is engaged in the acquisition, development, optimization and production of crude oil 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. Its Midale operating area of over 730 million barrels of original oil in place (OOIP) and its low decline in production of 3,200 barrels of oil equivalent per day (boe/d) (net) is supported by both waterflood and CO2 enhanced oil recovery. 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 OOIP pools. Its North area includes Grande Prairie, Clearwater and other properties.


TSX:CJ - Post by User

Post by traderlong2on Feb 05, 2021 10:13pm
443 Views
Post# 32491597

stockwatch tonight

stockwatch tonight

Here in Canada, Alberta oil producer Cardinal Energy Ltd. (CJ) lost three cents to $1.29 on 1.84 million shares, after announcing the planned early redemption of $28.2-million worth of outstanding 2022 debentures. This will be the second set of debentures knocked off the balance sheet within weeks. Back in early December, Cardinal landed itself a key major shareholder in the form of N. Murray Edwards, the billionaire oil sands financier behind Canadian Natural Resources Ltd. (CNQ: $32.28) and others. Mr. Edwards was the main participant in a private placement whose proceeds went partly toward repaying a set of convertible debentures that matured on Dec. 31, 2020. He currently owns 17.2 million of Cardinal's 122 million shares.

This time around, Cardinal is raising money for the debenture redemption by issuing $26.8-million worth of notes. The notes will initially bear interest at 8 per cent, but will see the rate rise over time until it reaches 12 per cent. That is higher than the 8-per-cent interest rate on the debentures that they will be replacing. Unlike the debentures, however, the notes are not convertible into shares, removing the potential for future dilution. It is not clear whether Mr. Edwards will be participating in this financing. Cardinal merely says that the notes will be issued to "certain insiders (or companies controlled by them).

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