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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 Cardboard1on Mar 07, 2019 1:58pm
115 Views
Post# 29456711

RE:your friend nuttal

RE:your friend nuttal
Well, he is truly correct. Where he invest his money is another matter but, there are way too many executives at Cardinal making $100,000's.

This ain't Exxon Mobil and this company only produces around 21,000 boe/d with little drilling, few projects, essentially no development/growth.

Then why do we need a VP of North, Central, South and Saskatchewan? A VP of Finance and a CFO? A VP of Engineering and Exploration?

And the most insulting to me for a company of this size: a CEO and a Chief Operating Officer???

My understanding is that some of these people are buddies including with some on the board. Times are tough in Calgary and Alberta, I get that. However, it is us the shareholders who pay for what seems like under-utilized people.

A G&A of $2.14/boe (Q3) for a company that basically milks its assets is way too high.

TOG does 28,000 boe/d and has a G&A of $1.21/boe. Tamarack Valley does 25,000 boe/d and gets the job done for $1.46/boe. These 2 are doing a heck of a lot more drilling than CJ.

So scale is not the issue. Moreover you have guys at YGR producing around 13,000 boe/d and doing the job for $0.61/boe!!!
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