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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 Cardboard1on Sep 13, 2019 1:12pm
136 Views
Post# 30124326

8 fewer rigs in the Permian

8 fewer rigs in the Permian
2% less from last week and 13.3% less since last year. Eventually this will matter and show in production numbers.

Joseph on the BNE board posted that U.S. onshore production is now showing a 35% annual decline rate. This is incredible considering that shale is far from 100% of that production with California, Alaska and other legacy fields. So to see any kind of rig count decline and lower completion activity in the Permian per SLB and HAL has to mean lower production with decline likely approaching 50% per year!

With financial discipline being demanded by investors, a mountain of debt coming due in 2020 and all the issues that we have heard about, it seems impossible for U.S. production to grow unless the oil price goes up at least over $60.
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