CALGARY, May 13, 2022 -
Cardinal Energy Ltd. (TSX - CJ) ("Cardinal" or the "Company") held its annual and special shareholders meeting (the "Meeting") today. A total of 67,105,353 votes representing 43.92% 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. The results of the ballot were as follows:
Votes For Percent (%) Votes Against Percent (%)
65,249,545 99.50 327,693 0.50
2. Election of Directors
By ordinary resolution passed via ballot, all of the nominees proposed as directors were duly elected as directors of Cardinal to serve until the next annual meeting or until their successors are duly appointed or elected. The results of the ballot were as follows:
Name of Nominee Votes For Percent (%) Votes Withheld Percent (%)
M. Scott Ratushny 64,743,244 98.73 833,994 1.27
John A. Brussa 60,799,084 92.71 4,778,154 7.29
John Gordon 64,346,755 98.12 1,230,483 1.88
David D. Johnson 64,172,873 97.86 1,404,365 2.14
Stephanie Sterling 58,917,182 89.84 6,660,056 10.16
3. Appointment of Auditors
By ordinary resolution passed via ballot, KPMG LLP, Independent Registered Chartered Professional Accountants, were appointed as auditors of the Company until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:
Votes For Percent (%) Votes Withheld Percent (%)
66,379,550 98.92 725,803 1.08
4. Advisory Vote on Executive Compensation
By ordinary resolution passed via ballot, the non-binding advisory resolution concerning Cardinal's approach to executive compensation was approved. The results of the ballot were as follows:
Votes For Percent (%) Votes Against Percent (%)
64,067,618 97.70 1,509,620 2.30
5. Approval of Unallocated Awards under Cardinal's Bonus Award Incentive Plan
By ordinary resolution passed via ballot, the resolution approving unallocated awards under Cardinal's bonus award incentive plan was approved. The results of the ballot were as follows:
Votes For Percent (%) Votes Against Percent (%)
63,610,840 97.00 1,966,398 3.00
6. Reduction of Stated Capital
By ordinary resolution passed via ballot, the resolution approving a reduction to the stated capital account in respect of Cardinal's common shares was approved. The results of the ballot were as follows:
Votes For Percent (%) Votes Against Percent (%)
64,854,537 98.90 722,701 1.10
About Cardinal Energy Ltd.
One of Cardinal's goals is to continually improve our Environmental, Safety and Governance mandate and operate our assets in a responsible and environmentally sensitive manner. As part of this mandate, Cardinal injects and conserves more carbon than it directly emits making us one of the few Canadian energy companies to have a negative carbon footprint.
Cardinal is a Canadian oil focused company with operations focused on low decline light, medium and heavy quality oil in Western Canada.
For further information:
Cardinal Energy Ltd.
M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO or Laurence Broos, VP Finance
Email: info@cardinalenergy.ca
Phone: (403) 234-8681
Website: www.cardinalenergy.ca
