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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 kavern23on Apr 01, 2021 7:37pm
236 Views
Post# 32925637

Nice news to end the week...

Nice news to end the week...Happy Easter Boys! Low volumes this week but next wee should pick up

Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed on Thursday to the narrowest level since mid-November:

Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, settled at $9.75 per barrel below WTI, according to NE2 Canada Inc, narrowing from Wednesday’s settlement of $10.30 per barrel below the benchmark.

Synthetic crude from the oil sands traded at $1.55 a barrel above WTI, weakening from Wednesday’s settle of $2.50 a barrel over the benchmark, but holding onto its premium.

One Calgary-based market source said increased crude demand as the North American economy recovered from the COVID-19 pandemic was boosting prices.

Canadian crude prices are also benefiting from more than 200,000 barrels per day (bpd) of oil sands crude being taken offline during the second quarter because of scheduled maintenance at oil sands plants in northern Alberta.

The Syncrude plant, majority owned by Suncor Energy, started mechanical work on what it has dubbed “Project Gryphon” on Thursday, a scheduled turnaround on its 8-3 Coker and associated process units, according to the Syncrude website. The turnaround will require 2,000 workers and reduce output by 70,000 bpd in the second quarter.

Global oil prices settled above $60 a barrel despite news that OPEC+ reached a deal to gradually ease production cuts from May.

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