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Cardinal Shutting in 15% of Production Amidst Oil Price Volatility, Storage Glut

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   |    Friday,December 07,2018

Cardinal Enegy reported that it reached record production of approximately 22,000 boe/d, well ahead of our production guidance of 21,000 – 21,500 boe/d.

Since then, with widening Canadian oil price differentials we began to systematically shut-in our higher operating costs properties to avoid cash production losses. As of December 1, approximately 15% of our production was shut-in.

With the Alberta government's announced mandatory production curtailment and the expected pricing improvements in Canadian oil differentials, we expect to bring back the majority of the shut in production in January 2019.

Taking into account the estimated curtailed volume, January production is currently forecasted to average approximately 20,100 to 20,400 boe/d.

Our focus for 2019 will be to maintain the integrity of our asset base, reduce long term debt and undertake capital projects that create long term reductions in our operating costs.



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