Cardinal Energy snaps up oil assets Cardinal Energy Ltd., a dividend-paying junior oil producer, has snapped up assets in central Alberta for $165-million, a deal it is funding with an equity issue.
Cardinal also said it is raising its monthly payout to investors, citing strong commodity prices, lower cost and higher output.
The company, which went public in 2013, is acquiring assets in the Wainwright area of Alberta that produce 1,900 barrels of oil a day. Proved plus probable reserves are pegged at 9.8 million barrels.-
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Hmm. that works out to $86,500 per flowing bbl. How much is little PXL worth, I wonder?