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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 Re1ndeer2on Jun 07, 2022 9:18am
185 Views
Post# 34736490

From Last Presentation.....Upside next 3 of years secured..

From Last Presentation.....Upside next 3 of years secured..Initial results from our 2022 development drilling program have been very positive and across the board have derisked future development activity. Highlights include: 4 Two (1.9 net) wells extending our existing Dunvegan light oil pool at Grande Prairie currently producing over 500 boe/d combined, well above type curve after two months of production; Four (4.0 net) six leg Clearwater multilateral wells at Nipisi on stream in early April with current combined rates over 750 bbls/d; Two (2.0 net) three leg Ellerslie multilateral wells at Tide Lake on stream in March at rates up to 800 boe/d each. Along with our position at Nipisi, and as a result of both offsetting industry activity and success at first quarter land sales, Cardinal increased its prospective undeveloped land inventory on the Nipisi – Peavine Clearwater trend to 12,000 acres across three prospects. The Company will continue with its measured development pace and currently anticipates resuming drilling operations in these areas in early 2023. At Tide Lake in Southern Alberta, based upon the continued success of our Ellerslie multilateral development, Cardinal increased our prospective land position and is assessing longer term infrastructure requirements as the size and productivity of the Ellerslie development continues to expand beyond our initial expectations. The Company has identified over 500 potential drilling opportunities throughout our asset base. Along with our optimization efforts, we expect these locations will provide the ability for the Company to maintain or grow our production base over the long term. Our operations, both base and development, have outperformed expectations. Though not immune, due to our low decline rate and relatively small capital requirements, Cardinal is in an enviable position to mitigate some of the inflationary and executional impacts that the industry is facing with increasing activity. We will continue with our sustainable approach to developing our asset base for the long term. ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") Cardinal maintained our strong corporate emissions performance in 2022 with continued CO2 sequestration in Saskatchewan and implementation of various emissions reduction projects across Alberta. Through our wo
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