Our Business Cash Flow Amount of capital required to maintain our assets and keep production flat Maintenance Capital Amount of capital required to fulfill our commitment to operating our business in a responsible manner ARO/ESG…
Corporate Production 25,000 Current production 22,000 boe/d Majority of production under established water flood 20,000 and/or CO2 recovery schemes Base decline less than 10% 15,000 Large OOIP properties continue to outperform…
2023 Plan - 120 MM Capital / 23 MM ARO 2023 Budget 2023 Q3 YTD Development 43 MM 40 MM Focused drilling program designed to expand Drill, Complete, Equip and Tie In (17.6 net wells) inventory Optimization 23 MM 16 MM Continue to…
2023 Development Drilling Program Update Success Across all Districts 19 (17.6 net) new wells planned. 15 producers, 3 injectors, 1 drilling. Current production 1800 boe/d (1) North Central Nipisi Clearwater 4 well multilateral…
Mannville Multi-Lateral Focus North - Clearwater/Fahler/Wabiskaw (up to 65 future locations) Nipisi 8 ML wells drilled to date, continue development in 2024 Buffalo 10 ML wells drilled to date on property, up to 25 locations Heart…
Clearwater : Nipisi, Heart River, Buffalo Buffalo Nipisi Acquired Q4 2023 Acquired 2018 10 multilaterals drilled to date 8 multilaterals drilled Up to 25 future locations Completing development 2 wells planned for 2024 with 3 fan…
Central Wainwright Rex Estimated 200 MM barrels original oil in place(1), 20o API Q1 23 consolidated land position (green) 2023 drills Adds up to 90 multi-laterals to inventory (3 wells booked at year end) Existing infrastructure…
Ellerslie Alderson, Southern Alberta Alderson - 0% royalty lands New area for multilateral application 2 wells drilled in Q3 extending boundaries of existing developed Ellerslie pool up to 6 follow ups identified Overlying Glauc…
Multi-Leg Horizontals North Dunvegan light oil (over 40 potential locations) Elmworth 13 wells drilled since 2017 Wapiti first test well planned in 2024, competitor activity offsetting South Glauc Channel, Ellerslie medium oil…
GP - Dunvegan Elmworth Elmworth Well defined light oil pool 13 Cardinal operated multifrac horizontals since 2017 Infrastructure in place 2 wells planned for 2024, multiple follow ups defined Wapiti Dunvegan channel trend…
Optimization Assets EOR and Waterflood Development drilling potential and flood optimization House Mountain 2024 Q4 extended reach horizontal Midale 4 wells budgeted in 2024, material long term inventory of over 200 locations Mica…
Midale - Injectors 2021-23 Midale Injector Drilling Results 200 Incremental Oil Production (bbl/d gross) 160 120 80 40 0 0 6 12 18 24 30 36 Months on Injection New injectors Type Curve 2021 Avg. 2022 Avg. 2023…
2024 Budget Highlights 2024 Annual Adjusted Funds Flow (MM) 290 Capital Expenditures (MM) Development drilling focus to maintain base production Conventional 116 Continue to optimize water floods to reduce decline Thermal 69 ARO…
2024 Capital/ARO Plan 2024 Budget CONVENTIONAL Development 60 MM Drill, Complete, Equip and Tie In (24 gross wells) Optimization 16 MM Well Optimization, Water flood optimization, CO2 Purchases Maintenance and Other 40 MM…
2024 Budget Conventional 24 Conventional development wells Continue flood optimization North Clearwater Central Nipisi 3 multilateral fan wells 4 well Wainwright Rex drilling program Buffalo 2 multilateral horizontals Heart…
Saskatchewan Thermal Trend Well established SAGD developments east of Lloydminster 17 projects producing 150,000 bbls/d in Saskatchewan Initially defined by legacy conventional heavy oil drilling providing Existing significant…
Why for CJ 6,000-10,000 bopd project size - risk appropriate for our Company Off the shelf proven SAGD technology available at fixed pricing giving certainty around project economics and timeline Large talent pool of professionals…
Saskatchewan Thermal Heavy Oil History & Advantages 180,000 160,000 Saskatchewan advantages include: 140,000 Surface Access = Lower CAPEX 120,000 Existing Infrastructure = Marketing Optionality 100,000 Oil Production Oil…
Reservoir Comparison Dee Edam Edam Meota Meota Paradise Pikes Rush Spruce Valley Edam East West East West Hills Peak Lake Sandall Lake Reford Oil Viscosity Operator CVE SRC CVE CVE SRC SRC CVE CVE CVE CVE CVE CJ 1,000,000 Meota West…
Cardinal Thermal Heavy Oil Trend Waseca channel trend is the primary SAGD target with numerous heavy oil intersections Land position (45,000 acres) established primarily through acquisition of Broadview Energy assets in Q2 2023…
Reford Waseca Channel Defined resource 9 legacy verticals 4 assessment wells drilled Q4 2023 3D seismic across land base Channel isopach up to 35m Oil column up to 20m Channel width 500-800m Porosity 30%+ 100% working interest…
Reford Thermal Estimated Cost Breakdown Project Type % of Project Cost Central Processing Facility 155 million initial development estimate SAGD Well Pads Above Ground Flowlines 64% Standardized development approach Pump Station…
Reford - Economics Reford 6,000 bopd Cash Flow Summary 400 8,000 Project payout within 18 months initial production 350 7,000 300 6,000 Cum. free cash flow of 1.4 Billion over 20 years 250 5,000 200 Daily Production NPV10…
Cardinal 2024-2029 Preliminary Plan Production and CFPS Annual Cash Flow Forecast and Uses 3.33 45,000 3.39 3.50 700 40,000 3.00 600 2.39 2.40 500 Production (bbl/d) 35,000 2.50 Cash Flow per Share 1.87 Incremental…
2022 Year End Reserves Top tier 2022 results Performance driven by both strong base production NPVBT10 FD&A optimization and better than forecast drilling results Year End 2022 MMBOE (1) (2)(3) Recycle Ratio (4) (MM) (/boe) Cardinal…
Focusing on a Sustainable Future ESG Focus Environment Social Governance Indigenous Engagement & Corporate Governance CO2 injection exceeds Support Diversity Scope 1 emissions Sponsorships Executive Compensation Accelerating ARO…
Net Negative Carbon Emissions 2023 Cardinal Energy Corporate Emissions 30 60 Thousands Thousands Differentiated from our Peers 20 40 Negative Corporate Net Scope 1 CO2e Emissions Monthly Emissions (t CO2e) / Sequestration (t…
Responsible Asset Retirement Assets Retired between 2019-2023 to date Minimizing our Surface Footprint Cardinal has committed to a robust asset retirement program: Since 2020, Cardinal abandoned 9x more well abandonments (100 well…
Overview Current Yield 9.5%, forecasted average annual growth (2024-2027) 14% = 23% projected annual return Drilling Inventories Established significant 5-20+ year drilling inventories in each operating area. Reduce Business Risk…
Tax Pools Tax Pool Balance ( MM) YE 2022 YE 2021 COGPE 454 492 Based on available tax pools, forecasted capital CEE and non-capital losses 533 720 expenditures and forecasted commodity prices at December 31, 2022 from the average…
Inventory Identified for the Long Term Potential Locations (Gross) 2023 Drilling District Tier 1 Tier 2 Current Focus Long Term Opportunities Program Continue to expand multilateral applications to other Expanding Ellerslie…
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