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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

2025 Conventional Budget and Statistics

Operating Netback

($235MM-$255MM)
22%
22%
27%
29%

Capex

($66MM)
23%
22%
25%
30%

FCF*

($146MM)
22%
22%
28%
28%

Production

(20,700-21,100 boe/d)
16%
25%
27%
32%

Drilling Inventory

(# potential Tier 1 locations)
60
23
70
28

*Free cash flow (“FCF”) is calculated as operations cashflow less development capital expenditures (based on our Budget at $70 WTI)

-Excludes thermal production, cashflow and expenditures

100% Light Oil

Midale, SK

3,300

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

South Area

5,300

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

Central Area

5,600

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

North Area

6,800

BOE Per Day

Net Daily Production