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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. The Company is engaged in the acquisition, development, optimization and production of crude oil 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. Its Midale operating area of over 730 million barrels of original oil in place (OOIP) and its low decline in production of 3,200 barrels of oil equivalent per day (boe/d) (net) is supported by both waterflood and CO2 enhanced oil recovery. 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 OOIP pools. Its North area includes Grande Prairie, Clearwater and other properties.


TSX:CJ - Post by User

Comment by ABOilon Jun 20, 2017 3:37pm
138 Views
Post# 26384138

RE:RE:RE:RE:RE:You got to think....

RE:RE:RE:RE:RE:You got to think....From those who I have been talking with, the deal will close and the dealers will be long some portion of unsold stock (rumours of 30%), and I believe the close date is June 22. Regardless, at that time research comes off restriction and we should see  bunch of updates in terms of views. The overhang of unsold stock will have to be dealt with, and we have the continued headwinds of the oil price, so I don't expect a miraculous recovery any time soon.  This was a net positive deal for Cardinal,and does improve their overall asset quality, but look at the broader landscape and they are not alone with their share price challenges. 
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