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Cardinal Energy Ltd. Announces 2024 Year-End Reserves, Formal Recognition of Reford Thermal Project
Calgary, Alberta--(Newsfile Corp. - February 24, 2025) - Cardinal Energy Ltd. (TSX: CJ) (" Cardin...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces 2024 Year-End Reserves, Formal Recognition of Reford Thermal ProjectCalgary, Alberta--(Newsfile Corp. - February 24, 2025) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") is pleased to present the results of its independent reserve report effective December 31, 2024. Consistent with prior years, Cardinal's year-end 2024 non-thermal reserves were evaluated by GLJ Ltd. (\"GLJ\"). The thermal reserves were independently evaluated by McDaniel & Associates Consultants Ltd. (\"McDaniel\") (the GLJ report and the McDaniel report being collectively the \"2024 Reserve Report\"). The 2024 financial information in this news release is unaudited and accordingly, such financial information is subject to change based on the results of the Company's year-end audit.Cardinal's 2024 year-end reserves reflect the quality, predictability, and sustainability of our low decline conventional asset base now supplemented and strengthened with the initial recognition of reserves and value from the Company's first thermal heavy oil development at Reford, Saskatchewan.RESERVE REPORT HIGHLIGHTSAll reserves information contained in this news release are based on the 2024 Reserve Report. The Company's Total Proved plus Probable (\"TPP\") reserves grew by 30% over the prior year to 154 million boe at a Finding and Development (\"F&D\")(1)(3) cost of $15.84/boe, primarily with the initial addition of Reford heavy oil reserves. The full potential of this project and inclusion of future identified thermal projects has not been incorporated in the 2024 Reserve Report;Reford TPP reserve additions contributed to the 31% increase to the year over year Before Tax Net Present Value discounted at 10% (\"NPV10\") of $2.4 billion;Cardinal replaced proved developed producing (\"PDP\") reserves by 1.0x. With the initial booking of the Reford reserves this year, the TPP annual production replacement was 5.5x;Cardinal's non-thermal asset base delivered PDP reserves at F&D costs(1)(3) of $9.93/boe PDP, $10.74/boe total proved (\"TP\") and $13.39/boe TPP (including the change in Future Development Capital (\"FDC\") associated with these assets), utilizing less than 40% of the Company's annual adjusted funds flow; It was another year of profitable and predictable additions for the non-thermal assets with 2024 recycle ...