Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s): CRLFF

Energy Oil & Gas E&P

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.

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Cardinal Energy Ltd (Alberta) > Labour Government Hikes UK Windfall Tax.

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Comment by Quintessential1on Jul 30, 2024 1:01pm

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Post# 36154662

RE:Labour Government Hikes UK Windfall Tax.

Yup...and watch all the investment money come north where US WFTs will have no effect.

CJ is Canadian ;-)

SPR repurchases will be good all around.

Oil might be selling off but CJ is holding its own. What happens when oil goes back up?

GLTA

VeritasVern wrote: In a taste of what the US may do with if Cammel is elected. This is from OilPrice:

"The new Labour government confirmed this week that it would raise the windfall profit tax rate by 3% to 38% and increase overall taxation to a punitive 78%, whilst extending the measure (called Energy Profits Levy) by another year to 31 March 2030."

Also what is most likely to support API data showing continued decline to inventories if not this week then next is the purchase of oil to replenish the SPR, adding a floor price:

"US Resumes SPR Purchases as WTI Drops. The US Energy Department purchased 4.65 million barrels of crude for the Bayou Choctaw site of the Strategic Petroleum Reserve at an average price of $76.92 per barrel, with ExxonMobil (NYSE:XOM) offering the most and being awarded 3.9 million barrels."