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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

Post by Bennys65on Feb 04, 2018 7:34am
195 Views
Post# 27498536

Good thing cj bought that light oil

Good thing cj bought that light oilTo be clear I think midale is a good property but I believe we bought it because we had to at 5.50 per share.At tne jan cibc conference the company presentation was upbeat.Mitsue was being drilled with three different play types.Two would not require fracs and one may.Mitsue was to take the pressure off of bantry which had been the growth engine for us over three years with production at rhat time over 6000 bpd.In the off chance mitsue was not a sucess we could according to Scott allways go back to Bantry.Even Nuttall said it was just a question of how big the mitsue wells would be.Fast forward to today.Nothing going on at Mitsue.It didnt work .Bantry currant production 4400 bpd refer to presentation.The glauc channels in bantry are sweet spots.In 2017 we could not find them,Refer to presentation and bantry results.So in the first half of 2018 we are drilling vertical wells when combined with our 3d will help us get back on track in the second half.Dunvegan is good but little running room.So we can talk about wcs and RI sales and before that boarder tax but in my opinion only midale had to be bought and good on cj for doing it but we are undervalued for a reason and I hope to make some of mymoney back that I lost this time last year.
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