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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 pkrashon Mar 16, 2023 12:21am
199 Views
Post# 35341692

RE:RE:Dividend Safety

RE:RE:Dividend SafetyThe drop in WTI has nothing to do with fundamentals as another draw on inventories showed. Demand will also be increasing more now with driving season starting and China opening ramp up.
Capex can easily be adjusted if necessary...and it will if oil prices drop. These guys aren't about to pump more just to lose money.
CJ is ahead on ARO which can also be scaled back if needed (can be cut by more than 50%).
With only $31.3M of bank debt they won't have a problem borrowing a bit more if needed.
Looks like they will save by hedging power costs this year.
The reduced costs of $8-$9/boe with multi-leg drilling will be a bonus.
Current CAD weakness was not factored into 2023.
WCS differential is already lower than expected.
With a healthy dividend they have done as advertised....return cash to shareholders.
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