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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 Apr 05, 2019 10:22am
70 Views
Post# 29587153

RE:RE:RE:Pretty Great Day....Kavern's Recap

RE:RE:RE:Pretty Great Day....Kavern's Recap"People can't assume a 10 dollar or under differential for the whole year of 2019 to hold and continue..."

People have been saying that for over 3 months now.

Look Kavern, you say that you are a market watcher. You think that is a short covering rally thing alone in the WCS contracts? 3 months in the making with no very sharp spike up but, more of a steady climb?

Are these traders crazy to pay so much for spot WCS delivery while inventories are full and it costs $15-16 U.S. per barrel to ship via rail?

Reality is that you are looking at the wrong numbers. WCS is for Edmonton delivery to enter the pipe system and Houston pricing is Houston pricing.

Imperial Oil is restarting their train shipments because it is profitable to send the bitumen straight down there vs going through the pipe system. The true differential is not $10 (actually $8 right now) but, more than that because it cost $15-16 to ship straight to Houston.

I also suspect that Houston refineries prefer a really heavy oil right now vs diluted.

Cardboard
 
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