laser focused on getting debt to zero . They were almost put out of business by the National Bank . You rarely see a bank singled out in a news release but Cardinal did it . Long time holders will remember this .

Message to Shareholders

Enclosed is our update for Cardinal as of January 2021.

2020 started off in a bullish fashion with oil prices moving up significantly and Cardinal beginning an 8 well drill program. Then, as we all experienced, the world changed. We spent the balance of 2020 in a survival mode. This was compounded by the unprecedented behavior of National Bank which made for a challenging time.