Cardinal’s year-end 2025 non-thermal reserves were evaluated by GLJ Ltd. (“GLJ”). The thermal reserves were independently evaluated by McDaniel & Associates Consultants Ltd. (“McDaniel”) (the GLJ report and the McDaniel report being collectively the “2025 Reserve Report”). Both GLJ and McDaniel are independent qualified reserves evaluators. All of our oil and gas properties were evaluated in accordance with National Instrument 51-101 “Standards of Disclosure for Oil and Gas Activities” (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”) using the average commodity price forecasts and inflation rates of three consultant’s average (GLJ, McDaniel & Associates Consultants Ltd. and Sproule Associates Ltd.) as of January 1, 2026.
Complete reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2025 which will be filed on SEDAR when available.
