Cardinal’s Reford position places it in close proximity to assets operated by CNRL, Cenovus, and Strathcona among others. The production from this region is virtually all oil, and Cardinal would not be the first producer to use SAGD in the area. Cenovus, for example, operates 12 producing SAGD assets in the Lloydminster area.29dk2902l
All Crown Mineral Rights Near Cardinal’s Reford Assets as of November 7 (Cardinal in purple, Long Run Exploration in brown, Strathcona in grey, CNRL in red, Cenovus in turquoise, Land Brokers in black)
When examining mineral rights ownership near Cardinal’s Reford assets, a large number of rights are held by land brokers. Examining the well licences in the area provides more information; a number of the licenses obtained by Cardinal since the Broadview acquisition have targeted land positions that are still officially held by brokers. Furthermore, we can see some broker-held rights freely shared by Cardinal in its November corporate presentation.
All Crown Mineral Rights Near Cardinal’s Reford Assets as of November 7 and All Non-Abandoned/Suspended Wells. (Mineral Rights: Cardinal in purple, Long Run Exploration in brown, Strathcona in grey, CNRL in red, Cenovus in turquoise, Land Brokers in black. Wells: Cardinal wells spud since acquisition in green, all other wells in orange)