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CALGARY, Alberta, March 13, 2023 (GLOBE NEWSWIRE) — Cardinal Power Ltd. (“Cardinal” or the “Firm”) (TSX: CJ) is happy to announce its working and monetary outcomes for the fourth quarter and 12 months ended December 31, 2022.

HIGHLIGHTS FROM THE FOURTH QUARTER AND FULL YEAR OF 2022

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  ⁽¹⁾ See non-GAAP and different monetary measures.

The next desk summarizes our fourth quarter and annual 2022 working and monetary highlights:

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⁽¹⁾ See non-GAAP and different monetary measures.
n/m Not significant or not calculable

FOURTH QUARTER OVERVIEW

Within the fourth quarter of 2022, oil costs continued to be robust though decreased by 10% over the third quarter of 2022 with the West Texas Intermediate (“WTI”) benchmark oil value averaging US$82.65/bbl. Canadian oil differentials widened through the fourth quarter which decreased the Western Canadian Choose (“WCS”) benchmark value by roughly 18% over the third quarter. Manufacturing remained above our price range however was down from the prior quarter as chilly climate impacted operations through the fourth quarter.

Fourth quarter 2022 adjusted funds movement of $68.2 million was 28% greater than the identical interval in 2021. On a per diluted share foundation, adjusted funds movement was $0.43/share, a 30% improve over the fourth quarter of 2021. Fourth quarter 2022 free money movement of $36.1 million was utilized for elevated dividends and extra asset retirement expenditures additional lowering our environmental footprint to reinforce the long-term sustainability of the Firm.

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Earnings elevated to $113.9 million within the fourth quarter of 2022 as a consequence of a reversal of a previous 12 months impairment and the restoration of a deferred tax asset mixed with elevated income. The Firm has now recovered all remaining prior 12 months impairments out there for reversal. Throughout the quarter, Cardinal additionally recovered its deferred tax asset as there was enough certainty of future utilization. The Firm has roughly $1.3 billion of tax swimming pools and based mostly on present forecast pricing doesn’t anticipate to be taxable till 2026 or past.

Within the fourth quarter of 2022, the Firm invested $34.9 million in capital expenditures targeted on the growth of our Tide Lake, Southern Alberta Ellerslie improvement together with rising our land place on the Wainwright, Central Alberta Rex oil prospect. At Tide Lake, the ultimate 5 (5.0 internet) dedication wells have been drilled, accomplished and introduced on stream late within the fourth quarter by way of our newly commissioned and expanded infrastructure. Specifically the success of the fourth quarter 2022 4 (4.0 internet) Ellerslie wells has additional expanded the potential long run improvement space. The Firm has recognized 40 potential areas within the Ellerslie improvement at Tide Lake with eight undeveloped areas acknowledged in our year-end reserve report. As improvement continues over the following a number of years we anticipate the potential of serious future reserve bookings.

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Over the previous a number of months, Cardinal has been profitable in consolidating its land place masking the potential space related to the Wainwright Rex oil discovery. Between October of 2022 and February of this 12 months, by way of a mix of Crown land gross sales, freehold leasing and acquisitions, the Firm has added over 20 sections of potential acreage inside the play boundaries and now has recognized 90 future drilling areas, of which three have been booked at 12 months finish on this rising multilateral oil prospect.

Cardinal continues to be accountable stewards of its capital in enhancing shareholder worth. Though our 2022 12 months finish reserve report launch on February 27, 2023 disclosed proved producing reserves per share rising in 2022 on each a barrel equal (8%) and a gift worth 10% discounted foundation (34%), Cardinal continued with its prudent reserving practices. Proved producing reserves accounted for over 68% of complete reserve volumes. The longer term capital which is mirrored in booked reserves represents lower than two occasions our capital expenditures for 2022. Each metrics are among the many finest exhibited by our oil and fuel trade friends. The drilling areas embedded in our report signify lower than 15% of internally recognized financial areas on our lands.

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Supporting our low base decline, the Firm continued with its properly reactivation program on recompletions and workovers all through its working areas and continued with the improved oil restoration program with CO₂ injection at Midale, Saskatchewan. Within the fourth quarter, Cardinal additionally closed internet acquisitions of $1.9 million which included a rise in a unit working curiosity within the North space partially offset by a $0.4 million disposition of roughly 300 boe/d of excessive value heavy oil with related decommissioning obligations of $8.0 million.

Fourth quarter 2022 internet working bills per boe have been 4% decrease than the prior quarter at $25.72/boe as a consequence of decrease fourth quarter Alberta electrical energy prices and diminished workover exercise. In 2022, internet working bills have been greater than historic ranges as Alberta energy costs have considerably elevated over 2021. In 2022, common Alberta energy costs elevated roughly 60% averaging over $162/MWh, which elevated internet working prices by over $2.00/boe as in comparison with 2021. To mitigate rising future energy prices, Cardinal has entered into energy contracts that repair the worth of over 70% of the Firm’s common month-to-month Alberta energy utilization at a mean value of $85/MWh which is 48% decrease than the common value in 2022.

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Cardinal’s internet debt closed 2022 at $62.7 million which included $31.3 million of financial institution debt and $31.4 million of a working capital deficiency. The $31.3 million of financial institution debt represents drawings of 20% on our $155 million credit score facility. Throughout the fourth quarter, the Firm selected to cut back our credit score facility by $30 million to be able to scale back standby charges which has contributed to a 46% lower in curiosity and different prices per boe over the identical interval in 2021.

Within the fourth quarter of 2022, Cardinal elevated its dividend by 20% to $0.06 per frequent share for a complete of $28.7 million of dividends. In 2022, Cardinal has returned over $106 million to shareholders within the type of dividends, treasury share purchases and customary share cancellations by way of our NCIB.

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⁽¹⁾ See non-GAAP and different monetary measures.

OPERATIONS

Cardinal’s common manufacturing was 21,471 boe/d in 2022. The Firm drilled 26 (24.8 internet) wells within the 12 months consisting of 23 (22.3 internet) producing wells, two (1.5 internet) injection wells and one (1.0 internet) unsuccessful exploratory properly. In mixture, the 23 producing wells have delivered manufacturing at charges above expectations with common capital effectivity based mostly upon IP90 charges of roughly $10,000/boe per day. Cardinal’s whole drill, full, equip and tie-in improvement capital paid out in 2022 from the earnings generated from the wells drilled. Drilling outcomes throughout our asset base outperformed expectations with choose highlights as follows:

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Optimization efforts by way of the primary quarter throughout our asset base have continued to help Cardinal’s prime decile base decline price. To this point, in 2023, Cardinal has drilled three (3.0 internet) multi-leg Clearwater oil wells at Nipisi of the 4 (4.0 internet) wells deliberate on a single padsite. These wells are anticipated to be on-stream early within the second quarter of 2023.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”)

Cardinal’s robust company emissions efficiency has continued in 2022 with ongoing CO₂ sequestration in Saskatchewan and additional implementation of initiatives geared toward lowering emissions from our operations throughout Alberta. Via our world class Carbon Seize and Sequestration (“CCS”) enhanced oil restoration (“EOR”) operation at Midale, the Firm sequestered roughly 292,000 tonnes of CO₂ equal in 2022. This quantity of carbon sequestration far exceeds our scope 1 emissions. To this point, the Midale CCS EOR undertaking has sequestered over 5 million tonnes of CO₂ and has diminished oil manufacturing decline charges from this undertaking to roughly 3%.

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Cardinal’s security document continues to be within the prime tier of the trade, as is our regulatory compliance degree.

In 2022, Cardinal continued its dedication to accountable, sustainable operations spending $19.6 million in the direction of ARO. The federal government funded applications led to 2022; nevertheless, Cardinal utilized roughly $30 million of gross funding together with its personal mixed spend to desert 556 (482 internet) wells within the final three years. Reclamation and returning the floor to its unique use stays an ongoing focus. Cardinal has reclaimed 271 (237 internet) websites and continues with the continuing vegetation monitoring and shifting these websites ahead to closure. We reduce our environmental footprint by way of multi-well padsites for brand new drilling, with solely 40% of drills on new leases.

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In 2022, Cardinal disposed of roughly $11 million of undiscounted future ARO legal responsibility from pursuits in 281 properly licenses and 9 services. In 2023, Cardinal continues to high-grade our property and has disposed of, or has agreements in place to get rid of, pursuits in 59 (27 internet) properly licenses and eight facility licenses, lowering our undiscounted future ARO by $4.9 million.

Cardinal will proceed with our dedication to cut back our environmental footprint with $23 million in our 2023 price range for ARO, greater than 2.5 occasions our required regulatory spend necessities.

OUTLOOK

2022 was a really profitable 12 months for Cardinal and its shareholders. After we ready our 2022 price range in late 2021, our focus was to perform three issues: scale back the chance in our enterprise, enhance our sustainability and supply returns to shareholders.

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Our single largest achievement in 2022 was the numerous discount in our debt. At present debt ranges we now not view debt as a major danger issue however will attempt to cut back it to zero as applicable.

Sustainability was dramatically improved in 2022 with massive will increase to our improvement drilling stock all through our asset base.

In our Central working space, we have been capable of establish and check an oil zone utilizing new multi-leg expertise ensuing within the profitable drilling of a properly which, with additional land acquisitions in 2022 and 2023, has given us an estimated 90 improvement drilling areas. The success of this play not solely offers the world a big stock of future areas however has the additional benefit of lowering the working prices on present manufacturing and services by way of economies of scale. Cardinal plans to drill six to eight wells on this play in 2023 which, if profitable, we anticipate will scale back working prices on the present property by $8-$9/boe based mostly on roughly 1,100 boe/d of present manufacturing. Though that is one instance of true half cycle economics, we’re doing comparable initiatives in our Southern Alberta enterprise unit and obtain this profit in our different working areas as properly.

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Our total focus for 2023 won’t change from 2022. Proceed to enhance our sustainability, scale back danger and guarantee returns to shareholders using our NCIB, dividends and particular dividends when applicable.

On behalf of the Board of Administrators, administration and workers, we wish to thank our shareholders for his or her continued help.

ANNUAL FILINGS

Cardinal additionally publicizes the submitting of its Audited Monetary Statements for the 12 months ended December 31, 2022 and associated Administration’s Dialogue and Evaluation with the Canadian securities regulatory authorities on the System for Digital Evaluation and Retrieval (“SEDAR”). As well as, Cardinal will file its Annual Info Kind for the 12 months ended December 31, 2022 on SEDAR on or previous to March 31, 2023. Digital copies could also be obtained on Cardinal’s web site at www.cardinalenergy.ca and on Cardinal’s SEDAR profile at www.sedar.com.

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Be aware Relating to Ahead-Trying Statements

This press launch accommodates forward-looking statements and forward-looking data (collectively “forward-looking data”) inside the which means of relevant securities legal guidelines regarding Cardinal’s plans and different elements of Cardinal’s anticipated future operations, administration focus, aims, methods, monetary, working and manufacturing outcomes. Ahead-looking data sometimes makes use of phrases resembling “anticipate”, “imagine”, “undertaking”, “anticipate”, “aim”, “plan”, “intend”, “could”, “would”, “may” or “will” or comparable phrases suggesting future outcomes, occasions or efficiency. The forward-looking statements contained on this press launch converse solely as of the date thereof and are expressly certified by this cautionary assertion.

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Particularly, this press launch accommodates forward-looking statements regarding: the Firm’s expectation of the potential of serious future reserve bookings as improvement continues on the Ellerslie improvement at Tide Lake, that Cardinal’s Clearwater oil wells at Nipisi are anticipated to be on-stream late within the first quarter or early within the second quarter of 2023, Cardinal’s intention to proceed with its dedication to cut back its environmental footprint with $23 million in its 2023 price range for ARO, issues set forth below “Outlook” together with that the Firm will attempt to cut back debt to zero as applicable, that Cardinal plans to drill six to eight wells in its Central working space in 2023 which, if profitable, it expects will scale back working prices on the present property by $8-$9/boe based mostly on roughly 1,100 boe/d of manufacturing, Cardinal’s intention to proceed to enhance its sustainability, scale back danger and guarantee returns to shareholders using our NCIB, dividends and particular dividends when applicable, our enterprise methods, plans and aims, plans to proceed with our debt discount technique, our 2023 capital program and spending plans, our drilling and completion plans, expectations with respect to ongoing new wells and our drilling stock, the sufficiency of our infrastructure at Tide Lake, the standard of our asset base and decline charges, that the Firm doesn’t anticipate to be taxable till 2026 or past, our abandonment and reclamation program, expectations with respect to future working prices, our future ESG efficiency, plans to improve our drilling stock, dividend plans, NCIB plans and techniques, plans to function our property in a accountable and environmentally delicate method, our plans to cut back danger and return capital to shareholders (together with by way of dividends and share buybacks), methods with respect to Cardinal’s share based mostly compensation applications, and our future forecasted and focused debt ranges.

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Ahead-looking statements concerning Cardinal are based mostly on sure key expectations and assumptions of Cardinal regarding anticipated monetary efficiency, enterprise prospects, methods, regulatory developments, present and future commodity costs and alternate charges, results of inflation, relevant royalty charges, tax legal guidelines, trade situations, availability of presidency subsidies and abandonment and reclamation applications, future properly manufacturing charges and reserve volumes, future working prices, the efficiency of present and future wells, the success of our exploration and improvement actions, the sufficiency and timing of budgeted capital expenditures in finishing up deliberate actions, the timing and success of our value chopping initiatives and energy initiatives, the provision and value of labor and providers, the affect of competitors, situations typically financial and monetary markets, availability of drilling and associated tools, results of regulation by governmental businesses, the flexibility to acquire financing on acceptable phrases that are topic to alter based mostly on commodity costs, market situations and drilling success and potential timing delays.

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These forward-looking statements are topic to quite a few dangers and uncertainties, sure of that are past Cardinal’s management. Such dangers and uncertainties embody, with out limitation: the affect of normal financial situations; volatility in market costs for crude oil and pure fuel; trade situations; forex fluctuations; imprecision of reserve estimates; liabilities inherent in crude oil and pure fuel operations; environmental dangers; incorrect assessments of the worth of acquisitions and exploration and improvement applications; competitors from different producers; the shortage of availability of certified personnel, drilling rigs or different providers; adjustments in earnings tax legal guidelines or adjustments in royalty charges and incentive applications regarding the oil and fuel trade together with abandonment and reclamation applications; hazards resembling fireplace, explosion, blowouts, and spills, every of which may lead to substantial harm to wells, manufacturing services, different property and the setting or in private harm; and skill to entry enough capital from inner and exterior sources.

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Administration has included the forward-looking statements above and a abstract of assumptions and dangers associated to forward-looking statements supplied on this press launch to be able to present readers with a extra full perspective on Cardinal’s future operations and such data might not be applicable for different functions. Cardinal’s precise outcomes, efficiency or achievement may differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance may be on condition that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them accomplish that, what advantages that Cardinal will derive there from. Readers are cautioned that the foregoing lists of things are usually not exhaustive. These forward-looking statements are made as of the date of this press launch and Cardinal disclaims any intent or obligation to replace publicly any forward-looking statements, whether or not on account of new data, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.

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Supplemental Info Relating to Product Varieties

This information launch contains references to 2022 and 2021 manufacturing. The Firm discloses crude oil manufacturing based mostly on the pricing index that the oil is priced off of. The next desk is meant to supply the product sort composition as outlined by NI 51-101.

Non-GAAP and Different Monetary Measures

This information launch accommodates sure specified measures consisting of non-GAAP monetary measures, capital administration measures, non-GAAP monetary ratios, and supplementary monetary measures. Since these specified monetary measures could not have a standardized which means, they should be clearly outlined and, the place required, reconciled with their nearest GAAP measure and might not be comparable with the calculation of comparable monetary measures disclosed by different entities.

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Non-GAAP Monetary Measures

Internet working bills

Internet working bills is calculated as working expense much less processing and different income primarily generated by processing third get together volumes at processing services the place the Firm has an possession curiosity, and may be expressed on a per boe foundation. Because the Firm’s principal enterprise isn’t that of a midstream entity, administration believes it is a helpful supplemental measure to mirror the true money outlay at its processing services by using spare capability to course of third get together volumes.

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Netback

Cardinal makes use of netback as key efficiency indicator and is utilized by Cardinal to higher analyze the working efficiency of its petroleum and pure fuel property in opposition to prior intervals. Netback is calculated as petroleum and pure fuel income deducted by royalties, internet working bills, and transportation bills. The next desk reconciles petroleum and pure fuel income to netback:

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Capital expenditures and improvement capital expenditures

Cardinal makes use of capital expenditures as a measure of capital funding on property, plant and tools in comparison with the annual budgeted capital expenditure. Capital expenditures is calculated as money movement from investing actions excluding change in non-cash working capital and company acquisition.

Cardinal makes use of improvement capital expenditures as a measure of capital funding on property, plant and tools excluding capitalized G&A, different property and property acquisitions and is in comparison with the annual budgeted capital expenditures. Different capital expenditures contains capitalized G&A and workplace expenditures. The next desk reconciles money movement from investing actions to complete capital expenditures to complete improvement capital expenditures:

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Adjusted working capital deficiency

Administration makes use of adjusted working capital to watch its capital construction, liquidity, and its skill to fund present operations. Adjusted working capital is calculated as present liabilities much less present property (adjusted for the truthful worth of economic devices, present decommissioning obligation, and present lease liabilities). The next desk reconciles working capital to adjusted working capital:

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Internet debt

Administration makes use of internet debt to research the monetary place, liquidity and leverage of Cardinal. Internet debt is calculated as financial institution debt plus secured notes and adjusted working capital.

Internet financial institution debt

Administration makes use of internet financial institution debt to research the monetary place, liquidity, leverage and borrowing capability on Cardinal’s financial institution line. Internet financial institution debt is calculated as internet debt much less the secured notes.

The next desk reconciles financial institution debt to internet financial institution debt and internet debt:

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Funds movement

Administration makes use of funds movement as a helpful measure of Cardinal’s skill to generate money not topic to short-term actions in non-cash working working capital. As proven beneath, funds movement is calculated as money movement from working actions excluding the change in non-cash working capital.

Adjusted funds movement

Administration makes use of adjusted funds movement as a key measure to evaluate the flexibility of the Firm to generate the funds mandatory for financing actions, working actions, capital expenditures and shareholder returns. As proven beneath, adjusted funds movement is calculated as funds movement excluding transaction prices, decommissioning expenditures since Cardinal believes the timing of fee or incurrence of this stuff includes a excessive diploma of discretion and variability. Expenditures on decommissioning obligations differ from interval to interval relying on the maturity of the Firm’s working areas and availability of adjusted funds movement and are seen as a part of the Firm’s capital budgeting course of.

Free money movement

Administration makes use of free money movement as a measure to evaluate Cardinal’s skill to generate money, after taking into consideration the event capital expenditures, to extend returns to shareholders, repay debt, or for different company functions. As proven beneath, free money movement is calculated as adjusted funds movement much less improvement capital expenditures.

The next desk reconciles money movement from working actions, funds movement, adjusted funds movement, and free money movement:

Non-GAAP Monetary Ratios

Netback per boe

Cardinal makes use of working netback per boe to evaluate the Firm’s working efficiency of its petroleum and pure fuel property on a per unit of manufacturing foundation. Netback per boe is calculated as netback divided by complete manufacturing for the relevant interval. The next desk particulars the calculation of netback per boe:

Internet debt to adjusted funds movement ratio

Cardinal makes use of internet debt to adjusted funds movement to measure the Firm’s total debt place and to measure the energy of the Firm’s steadiness sheet. Cardinal screens this ratio and makes use of this as a key measure in making selections concerning financing, capital expenditures and shareholder returns. Internet debt to adjusted funds movement is calculated as internet debt divided by annualized adjusted funds movement for the relevant interval.

Whole payout ratio

Cardinal makes use of this ratio as key measure to evaluate the Firm’s skill to fund financing actions, working actions, and capital expenditures. Whole payout ratio is calculated because the sum of dividends declared plus improvement capital expenditures divided by adjusted funds movement.

Internet working bills per boe

Cardinal makes use of internet working bills per boe to evaluate Cardinal’s working effectivity of its petroleum and pure fuel property on a per unit of manufacturing foundation. Internet working expense per boe is calculated as internet working bills divided by complete manufacturing for the relevant interval.

Adjusted funds movement per boe

Cardinal makes use of adjusted funds movement per boe as a measure to evaluate the flexibility of the Firm to generate the funds mandatory for financing actions, working actions, capital expenditures and shareholder returns on a per boe foundation. Adjusted funds movement per boe is calculated utilizing adjusted funds movement divided by complete manufacturing for the relevant interval.

Adjusted funds movement per fundamental share

Cardinal makes use of adjusted funds movement per share as a measure to evaluate the flexibility of the Firm to generate the funds mandatory for financing actions, working actions, capital expenditures and shareholder returns on a per fundamental share foundation. Adjusted funds movement per fundamental share is calculated utilizing adjusted funds movement divided by the weighted common fundamental shares excellent.

Adjusted funds movement per diluted share

Cardinal makes use of adjusted funds movement per share as a measure to evaluate the flexibility of the Firm to generate the funds mandatory for financing actions, working actions, capital expenditures and shareholder returns on a per diluted share foundation. Adjusted funds movement per diluted share is calculated utilizing adjusted funds movement divided by the weighted common diluted shares excellent.

Supplementary Monetary Measures

NI 52-112 defines a supplementary monetary measure as a monetary measure that: (i) is, or is meant to be, disclosed on a periodic foundation to depict the historic or anticipated future monetary efficiency, monetary place or money movement of an entity; (ii) isn’t disclosed within the monetary statements of the entity; (iii) isn’t a non-GAAP monetary measure; and (iv) isn’t a non-GAAP ratio. The supplementary monetary measures used on this information launch are both a per unit disclosure of a corresponding GAAP measure, or a element of a corresponding GAAP measure, offered within the monetary statements. Supplementary monetary measures which might be disclosed on a per unit foundation are calculated by dividing the combination GAAP measure (or element thereof) by the relevant unit for the interval. Supplementary monetary measures which might be disclosed on a element foundation of a corresponding GAAP measure are a granular illustration of a monetary assertion line merchandise and are decided in accordance with GAAP.

Oil and Fuel Metrics

The time period “boe” or barrels of oil equal could also be deceptive, notably if utilized in isolation. A boe conversion ratio of six thousand cubic ft of pure fuel to at least one barrel of oil equal (6 Mcf: 1 bbl) relies on an power equivalency conversion methodology primarily relevant on the burner tip and doesn’t signify a price equivalency on the wellhead. Moreover, on condition that the worth ratio based mostly on the present value of crude oil, as in comparison with pure fuel, is considerably completely different from the power equivalency of 6:1; using a conversion ratio of 6:1 could also be deceptive as a sign of worth.

“Payout” means the anticipated years of manufacturing from a properly required to completely pay for all capital spent to drill, full, equip and tie-in a properly.

Preliminary Manufacturing

Any references on this information launch to preliminary manufacturing charges are helpful in confirming the presence of hydrocarbons, nevertheless, such charges are usually not determinative of the charges at which such wells will proceed manufacturing and decline thereafter. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the combination manufacturing for Cardinal.

Drilling Areas

This information launch discloses Cardinal’s stock of 90 potential areas Wainwright Central Alberta Rex and 40 potential areas within the Ellerslie improvement at Tide Lake, of which in respect of Wainwright Central Alberta Rex 2 areas are booked proved undeveloped, 1 internet is booked possible undeveloped areas and 87 internet are unbooked and in respect of Ellerslie 1 location is booked proved undeveloped, 7 internet are booked possible undeveloped areas and 32 internet are unbooked. The booked areas are derived from the Firm’s year-end 2022 reserves analysis by GLJ Ltd. with an efficient date of December 31, 2022 and account for drilling areas which have related proved and/or possible reserves, as relevant. Unbooked areas are inner estimates based mostly on the Firm’s potential acreage and an assumption as to the variety of wells that may be drilled per part based mostly on trade apply and inner evaluation. Unbooked areas would not have attributed reserves. Unbooked areas have been recognized by administration as an estimation of the Firm’s multi-year drilling actions based mostly on analysis of relevant geologic, seismic, engineering, manufacturing and reserves data. There isn’t a certainty that the Firm will drill all unbooked drilling areas and if drilled there isn’t any certainty that such areas will lead to extra oil and fuel reserves, assets or manufacturing. The drilling areas on which the Firm will truly drill wells, together with the quantity and timing thereof is finally dependent upon the provision of funding, regulatory approvals, seasonal restrictions, oil and pure fuel costs, prices, precise drilling outcomes, extra reservoir data that’s obtained and different components. Whereas a sure variety of the unbooked drilling areas have been derisked by drilling present wells in relative shut proximity to such unbooked drilling areas, the vast majority of different unbooked drilling areas are farther away from present wells the place administration has much less details about the traits of the reservoir and due to this fact there’s extra uncertainty whether or not wells can be drilled in such areas and if drilled there’s extra uncertainty that such wells will lead to extra oil and fuel reserves, assets or manufacturing.

About Cardinal Power Ltd.

Cardinal works to repeatedly enhance its Environmental, Social and Governance profile and operates its property in a accountable and environmentally delicate method. As a part of this mandate, Cardinal injects and conserves extra carbon than it immediately emits making us one of many few Canadian power firms to have a unfavorable carbon footprint.

Cardinal is a Canadian oil and pure fuel firm with operations targeted on low decline oil in Western Canada.

For additional data:

M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO or Laurence Broos, VP Finance
E mail: information@cardinalenergy.ca
Cellphone: (403) 234-8681