Elsewhere in Alberta, Scott Ratushny's Cardinal Energy Ltd. (CJ) added four cents to 56 cents on 848,100 shares, following a coy announcement about its credit facility. For context, Cardinal has been trying for months to relieve the financial pressure caused by the downturn. It suspended its dividend, gutted its budget, announced salary reductions and other cost cuts, and shut in up to one-quarter of its 20,000-barrel-a-day production (with 10 to 15 per cent remaining shut in as of now). Its bankers rather unhelpfully responded by slashing its credit facility to $225-million from $325-million and placing restrictions on how the facility could be used. For example, Cardinal was informed that it was not allowed to repay debentures using the facility. As things stood on Sept. 30, 2020, Cardinal had $44-million in outstanding debentures (including $16-million maturing this Dec. 31) and $205-million in bank debt. For months, it has been warning of "material uncertainties which may cast significant doubt with respect to the company's ability to continue as a going concern." Last night, it eased some of the concerns by announcing that it has "agreed to a term sheet, reflecting extensive discussions with certain existing and new lenders, that would provide Cardinal with longer-term certainty around its credit facility." It was being deliberately vague because the agreement is still awaiting formal approvals. The big question is the identity of the new lenders, particularly as Cardinal has made no secret of its desire to take advantage of the government's COVID-19-related liquidity support programs. These programs were announced back in April but have taken several months to deploy. InPlay Oil Corp. (IPO: $0.235) was the first energy company to announce a term sheet for a debt facility with Business Development Bank of Canada (BDC) in August, yet the facility was not actually finalized until November. Fortunately, the pace seems to have picked up a bit lately, with Surge Energy Inc. (SGY: $0.305) announcing a BDC facility (and a separate agreement with Export Development Canada) in early November and then closing it just two weeks later. Whether Cardinal is having similar luck securing federal funds will remain a mystery for a bit longer. The company says it expects to provide an update by Dec. 15.