Our North operating area is dominated by large original oil in place (“OOIP”) oil reservoirs that produce light oil under waterflood. In addition, we continue to develop our Clearwater and Dunvegan acreage where we have had repeatable drilling success. The North area is forecast to produce 6,300 boe/d in 2026.

Grande Prairie
The Grande Prairie property produces predominantly light oil from the Dunvegan formation. Cardinal has drilled 15 horizontal wells since acquiring this property in 2017 and has over 15 additional locations identified.

Clearwater
Cardinal has continued to expand our prospective undeveloped land inventory on the Nipisi-Peavine Clearwater trend to 9,000 acres across three prospects.  Cardinal will continue to advance the core Nipisi development with the implementation of waterflood operations. The combined production rate from the area is roughly 1,200 boe/d.

House Mountain
The House Mountain property produces light oil (41° API) from the Swan Hills formation. The majority of production is on an enhanced oil recovery (“EOR”) scheme which gives it a low predictable decline rate. Cardinal has drilled a horizontal well in early 2026, and will continue to develop this property with horizontal drilling with novel completion techniques and ongoing operating cost reduction initiatives.

Mitsue
Cardinal’s Mitsue property produces light oil (40° API) primarily from the Gilwood formation. The Mitsue Gilwood unit contained 818 million barrels of OOIP and is under a long established EOR scheme. Cardinal is focused on managing overall production rates and oil recoveries on the Gilwood Unit through waterflood optimization, facility consolidation and operating cost reduction initiatives.

Mica
Located in Northeast British Columbia, the Mica property produces light oil and natural gas from Triassic aged reservoirs. Further optimization of the existing secondary recovery scheme is under consideration along with infill horizontal drilling.