Operations

Operations Overview

Cardinal is a low decline, oil focused company that produces in four core areas in
Western Canada.
We have a balanced portfolio, deep development drilling inventory and defined ESG focus.

Operating Areas

2026 Conventional Budget and Statistics

Operating Netback

($241MM-$265MM)
38%
17%
10%
16%
20%

Capex

($160MM)
60%
9%
7%
11%
13%

Production

(25,000-25,500 boe/d)
26%
13%
16%
20%
25%

Conv. Drilling Inventory

(# potential Tier 1 locations)
60
23
70
28

2026 Budget Forecast

100% Heavy Oil

Reford Thermal

6,500

BOE Per Day
100% Light Oil

Midale, SK

3,300

BOE Per Day
80% Medium/Heavy Oil,
20% Natural Gas

South Area

4,000

BOE Per Day
96% Medium/Heavy Oil,
4% Natural Gas

Central Area

5,150

BOE Per Day
75% Light Oil & NGLs,
25% Natural Gas

North Area

6,300

BOE Per Day

Net Daily Production