South District

This operating area is located east of Calgary in southeastern Alberta. The South District produces medium gravity crude, as well as liquids rich natural gas. Cardinal owns and operates a significant infrastructure system including several process facilities throughout the district. The Company has grown this area through numerous strategic acquisitions and development drilling. Production is budgeted to average 5,200 boe/d in 2022.

Tide Lake
The Tide Lake area is, and is expected to remain, an area of focus and growth for Cardinal over the next several years. Substantial expansion of the facilities and infrastructure is planned for 2022 to support the consistently strong drilling results demonstrated across multiple prospective intervals.

Area 2022 Budget & Statistics

NOI

($55MM-$60MM)
 
25%

Capex

($22MM)
 
30%

P FCF*

($33MM-$38MM)
 
23%

Production

(5,100-5,300 boe/d)
 
26%

Drilling Inventory

(# potential Tier 1 locations)
 
45

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