Cardinal Energy Ltd. is proud of our relationships with various First Nations living in and around our areas of operation in Western Canada, and particularly in our core area of Slave Lake. Through our operations, we have been exposed to the challenges faced by individuals living in these remote areas and strongly believe that Cardinal, as a partner in resource development, has a role to play. Therefore we have decided [...]
Cardinal Energy Ltd. is pleased to announce its operating and financial results for the second quarter ended June 30, 2021. Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three and six month periods ended June 30, 2021 which are available at www.sedar.com [...]
Cardinal Energy Ltd. is pleased to announce it has successfully closed the previously announced acquisition of Venturion Oil Limited . Consideration consisted of the issuance of 6.3 million Cardinal common shares and approximately $27.5 million of cash, subject to certain holdbacks. Peters and Co. Limited acted as strategic advisor to Cardinal with respect to the acquisition. Concurrently, the Company closed the $12.5 [...]
Cardinal Energy Ltd. is pleased to announce it has entered into an arrangement agreement to acquire Venturion Oil Limited , a privately held company, for a purchase price of approximately $47.5 million. The consideration will consist of approximately 6.3 million Cardinal common shares and approximately $27.9 million of cash which will be firstly utilized to repay Venturion's outstanding net debt at closing currently [...]
Cardinal Energy Ltd. held its annual meeting today. A total of 50,838,723 votes representing 35% of the total votes entitled to vote at the meeting, were voted in connection with the matters considered at the meeting. Full results for all resolutions are set forth below. 1. Fixing Number of Directors By ordinary resolution passed via ballot, the number of directors to be elected at the meeting was fixed at five members [...]
Cardinal Energy Ltd. is pleased to announce its operating and financial results for the first quarter ended March 31, 2021. Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended March 31, 2021 which are available at www.sedar.com and on our [...]
Cardinal Energy Ltd. is pleased to announce its operating and financial results for the fourth quarter and year ended December 31, 2020. 2020 FINANCIAL HIGHLIGHTS Fourth quarter adjusted funds flow of $13.6 million funded a conservative capital program of $3.6 million and supported a $12.5 million reduction in net debt compared to the third quarter of 2020; Average fourth quarter production increased 5% over the prior [...]
Cardinal Energy Ltd. announced today that it has completed the previously announced redemption of its 8.00% Convertible Unsecured Subordinated Debentures due December 31, 2022 . Prior to the redemption date, Cardinal issued 22,410,000 common shares upon the voluntary conversion of $28,013,000 principal amount of the Debentures representing approximately 99.3% of the outstanding Debentures. The redemption of the remaining [...]
Cardinal Energy Ltd. is pleased to present the results of its independent reserve report effective December 31, 2020. One hundred percent of Cardinal's year-end 2020 reserves were evaluated by independent reserves evaluator GLJ Ltd. as at December 31, 2020 . The 2020 financial information in this press release is unaudited and accordingly, such financial information is subject to change based on the results of the [...]
Cardinal Energy Ltd. is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8.00% Convertible Unsecured Subordinated Debentures due December 31, 2022 . The Debentures are not subject to a pre-payment penalty. As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 , all of the aggregate principal amount of the Debentures for cash. On [...]
Cardinal Energy Ltd. is pleased to announce that its Board of Directors has approved an operating and capital budget for 2021 that will focus on debt reduction, maintaining production levels and abandonment and reclamation expenditures. Highlights of 2021 Budget Generates adjusted funds flow of $70 to $75 million; Approximately $40 to $45 million or 55% to 60% of adjusted funds flow will be utilized for debt repayment [...]
Cardinal Energy Ltd. announces that it has closed the non-brokered private placement of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units at a subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020. The proceeds from the Private Placement will be used to repay Cardinal's outstanding 5.50% convertible subordinated debentures which are maturing on December [...]
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