North Area

The North operating area is comprised of three distinct, low decline oil assets:

Grande Prairie
The Grande Prairie property produces predominantly light oil from the Dunvegan formation.  Cardinal acquired this property in 2017 and through development drilling has doubled production over the past three years.  Cardinal will continue to develop the property with horizontal wells with future waterflood potential.

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 will continue to develop its property with horizontal drilling and major operating cost reduction capital items.

Mitsue
Cardinal’s Mitsue property produces light oil (40° API) primarily from the Gilwood formation.  The Mitsue Gilwood unit contains 818 million barrels of original oil in place (“OOIP”) and is under an established EOR Scheme. Cardinal is focused on increasing overall production rates and oil recoveries on the Gilwood Unit through waterflood optimization and operating cost reduction initiatives.

Area 2020 Budget & Statistics

NOI

($155-$165MM)
 
26%

Capex

($60-$65MM)
 
19%

P FCF*

($40-$45MM)
 
30%

Production

(20.1-21.5 mboe/d)
 
32%

Drilling

(wells)
 
10%

Drilling Inventory

(# potential locations)
 
87

*P FCF (Property Free Cash Flow) = Net Operating Income Less Capital Expenditures