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Bullboard - Stock Discussion Forum 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... see more

TSX:CJ - Post Discussion

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Post by divime1 on Jul 28, 2022 9:29pm

Cardinal is

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.
Comment by Luckyguy777 on Jul 28, 2022 10:22pm
Yes of course I remember that.  It is around the time I bough a few 100k shares and continue to hold. These are crazy times.
Comment by Stavkot on Jul 29, 2022 1:21am
It was around the time I sold most my shares for $1.50 before they dropped to $0.30ish. Around the time that OPEC+ blew up at eachother. I still have big losses on CJ, need to see $15 unfortunately.
Comment by Kadiddelhopper on Jul 29, 2022 1:31am
Your experience reminds me of Surge SGY...I look at it, but can't seem to rouse any enthusiasm to climb back into ole Surge.. because of it. I will not likely pay income tax for the rest of my life... the Capital Loss was too great ! 
Comment by 7Twiggy on Jul 28, 2022 10:46pm
What was the "unprecedented behavior of National Bank"?
Comment by Kadiddelhopper on Jul 28, 2022 10:58pm
Calling in their Credit Lines, essentailly setting them " Adrft " w/o a raft.... all because of the mantra on dirty oil, with no future or need.
Comment by JayBanks on Jul 28, 2022 11:45pm
  They basically demanded in the lending renewal agreement that large chunks of production was hedged at low safe/amounts or they were not going to renew/withdraw the lending amount, just after all the other banks poo pooed lending to the oil patch and killed several other companies... I believe Cardinal was one of the first targets of hard hits (I believe Baytex was right beside them?) on ...more