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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 2021Gambleon Feb 28, 2023 6:48am
358 Views
Post# 35308855

This morning on newswire

This morning on newswire
Cardinal Energy Reports 2022 Year-End Reserves
 
28 Feb 2023 06:29 ET  

06:29 AM EST, 02/28/2023 (MT Newswires) -- Cardinal Energy Ltd. (CJ.TO) after trade Monday presented its 2022 year-end reserves, which include a year-over-year increase in proved developed producing reserves.

PDP reserves rose to 78 million barrels of oil equivalent, representing a 4% increase year over year, the company said. PDP reserves were added at finding, development and acquisition costs of $12.03/boe, resulting in a recycle ratio of 4.1 times.

Cardinal also reported an 8% increase in PDP reserves per diluted share and a 34% increase in the associated PDP net present value, discounted at 10% of reserves, per diluted share.

On a proved plus probable basis, Cardinal's reserves rose to 113 million boe, a 2% increase year over year.

Cardinal said 91% of its proved plus probable reserves are associated with oil and natural gas liquids.

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