Cardinal Snapshot As at December 31, 2024 (unless stated) Shares Outstanding 159 MM Market Capitalization 1.0 billion Annual Dividend 0.72/share Bank Debt(1) 86 MM Credit Facility Capacity 275 MM Estimated Annual Production…
Key Attributes for Cardinal 1. Lowest Decline Conventional Producer in Canada.(1) 2. Long-Term Inventory of Drilling Locations on Conventional Asset Base. YE2024 Total Proved plus Probable Reserves grew by 30% year over year with…
Conventional Production Summary 25,000 20,000 Predictable Oil weighted Est. daily production (boe/d) 15,000 Low decline 10,000 Efficient additions Modest annual drilling requirements 5,000 Long term inventory…
Conventional Base (Estimated Daily Production - 21,900 boe/d) Saskatchewan (Q4 3,300 boe/d) North Midale Large miscible Mississippian CO2 EOR flood. o Numerous opportunities to expand when compared to neighboring analog pool. W…
History of Profitable Reserve Additions Cardinal is perennially amongst the leaders in efficient and Step change in 2024 TPP bookings with Reford recognition. profitable reserve capture. Delivered 3-year weighted average Future…
Capital Allocation 2025 Capital Allocations BUDGET: 2025 2025 Conventional Drilling/Optimization/Maintenance 71 MM 22% Asset Retirement Obligation 10 MM 3% Thermal (Reford Completion, De-risk Kelfield) 120 MM 38% Shareholder…
Thermal Projects: The Catalyst for FCF Accretion Base Pro Forma with Non Thermal Pro Forma with Reford and Business Reford Kelfield(1) Production (boe/d) 21,500 27,500 33,500 Adjusted Funds Flow (AFF) (MM)(2) 216 318 420 Adjusted…
Thermal Oil Project Pipeline Project 1 Project 2 Project 3 Reford Kelfield Delineating 6,000 bbl/d 6,000 10,000 bbl/d TBD Creating a Multi-Year Pipeline Please see Advisory 9 Cardinal Energy Ltd. TSX: CJ
Advantages of Saskatchewan Thermal Heavy Oil 180,000 Saskatchewan Thermal Benefits 160,000 Surface Access = Project Timing and Reduced Project Cost Central Location and Existing Infrastructure = Marketing Optionality 140,000 Oil…
Cardinal Thermal Trend Unity Oil Legend: 1. Reford SAGD Project 1 Terminal Cardinal Land Construction of the 6,000 bbl/d Reford Railway Plains Pipeline SAGD Project is underway; currently on TransGas Pipeline time and on budget…
Reford Waseca Channel Q4 2024 assessment wells Defined resource Q4 2024 disposal wells 9 legacy vertical assessment wells Wabasca channel trend 2 assessment wells and 2 injectors drilled in Q4/2024 3D seismic across land base…
Reservoir Comparison Dee Edam Edam Meota Meota Paradise Pikes Rush Spruce 1,000,000 Analog 1 Valley Edam East West East West Hills Peak Lake Sandall Lake Reford Analog 2 Operator CVE SRC CVE CVE SRC SRC CVE CVE CVE CVE CVE CJ 100,000…
Reford SAGD Project Progress Two of three steam generators now onsite. 50% of facility tankage has been delivered. Drilling of the six well pairs over half complete. Drilling rig release early Q2 2025. Construction of 18 km…
Thermal Development Timeline Thermal Production Thermal Development Capital Expenditures 18,000 360 Today 16,000 320 14,000 280 Development Capital Expenditures 12,000 240 Oil Rate (bbl/d) 10,000 200 (MM) 8,000…
Reford SAGD Project: By The Numbers NPV: 498 MM Project Life: +20 years Design Rate: 6,000 bbl/d IRR: 46% PIR: 1.77 Recovery Potential: 45 MMbbls+ Payout: 24 months from 1st steam Economic Model Assumptions: Cum. Free…
ARO Focus Asset Retirement Closure of our inactive assets remains a priority. Since 2020 Cardinal has: Abandoned 646 operated wellbores (7.3 x more wells than drilled) Decommissioned 53 facilities Reclaimed numerous surface sites;…
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