Cardinal Energy Ltd. announces it has received approval from its syndicate of lenders to extend our credit facilities . The Facilities were renewed at $225 million and extend the revolving period and maturity date to May 31, 2021 and May 31, 2022, respectively. In this renewal Cardinal has received reserve based lending commitments from two new lenders, Export and Development Canada and Canadian Western Bank, while one [...]
Cardinal Energy Ltd. announces that it has entered into subscription agreements for a non-brokered private placement of approximately $16,920,833 principal amount of 2nd lien secured notes issued at a 4% discount for gross proceeds of $16,244,000. As part of the Note offering, each subscriber is also required to subscribe for a pro rata number of units totaling 8,122,000 Units, at a subscription price of $0.50 per Unit [...]
Cardinal Energy Ltd. Cardinal is pleased to announce it has agreed to a term sheet reflecting extensive discussions with certain existing and new lenders that would provide Cardinal with longer term certainty around its credit facility. These terms are still awaiting formal approvals from the involved parties which are expected to be received by December 15, 2020. Based on the term sheet, the credit facility is expected [...]
Cardinal Energy Ltd. is pleased to announce its operating and financial results for the third quarter ended September 30, 2020. 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 September 30, 2020 which are available at www.sedar.com and on [...]
Cardinal Energy Ltd. has received approval to extend the revolving period applicable to the Company's existing reserves-based credit facility to November 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to November 30, 2020. About Cardinal Energy Ltd. One of Cardinal's [...]
Cardinal Energy Ltd. has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to October 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to October 30, 2020. Cardinal has hedged a substantial amount of our oil [...]
Cardinal Energy Ltd. has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to September 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to September 30, 2020. About Cardinal Energy Ltd. One of Cardinal's [...]
Cardinal Energy Ltd. confirms the Company has completed the redetermination of its credit facility in partnership with its syndicate of lenders. Cardinal's credit facility has been confirmed at $225 million, comprised of a $205 million revolving facility and a $20 million operating facility with the revolving period extended to August 31, 2020 and the credit facility maturing on May 23, 2021. Cardinal anticipates the [...]
Cardinal Energy Ltd. is pleased to announce its operating and financial results for the second quarter ended June 30, 2020. 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 June 30, 2020 which are available at www.sedar.com and on our [...]
Cardinal Energy Ltd. announces that approximately 62% of the outstanding principal amount of its 5.50% convertible debentures have exercised their right to exchange their debentures for a new series of 8.00% convertible debentures. In addition, Cardinal has elected to extend the period of time that debentures can be exchanged from 5:00 p.m. on Monday, July 20, 2020 to 5:00 p.m. on Tuesday, August 4, 2020. Please contact [...]
Cardinal Energy Ltd. has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 29, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to July 29, 2020. The extension of the borrowing base re-determination to [...]
Cardinal Energy Ltd. has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to July 15, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to July 15, 2020. The extension of the borrowing base re-determination to [...]
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