Cardinal’s year-end 2022 proved and probable reserves were evaluated by GLJ Ltd. (“GLJ”), an independent qualified reserves evaluator. 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, 2023.

Complete reserves disclosure is included in our Annual Information Form for the year ended December 31, 2022 which can be found on SEDAR.