Cardinal Energy Ltd. Announces the 2026 Budget

About this update from Cardinal Energy Ltd.

[{"type":"text","content":"Calgary, Alberta--(Newsfile Corp. - January 21, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") is pleased to announce our 2026 budget.","length":186,"tagName":"p"},{"type":"text","content":"2026 BUDGET HIGHLIGHTS","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"We are forecasting average annual production of 25,000 to 25,500 boe/d for 2026, which represents 15% growth from average volumes delivered in 2025, with Reford contributing to a full year of operations;","length":203,"tagName":"p"}]},{"val":[{"type":"text","content":"Our 2026 capital budget of $75 million will be heavily weighted towards our conventional assets with only minimal investment now required at our Reford SAGD project due to prior investment in 2024/2025;","length":202,"tagName":"p"}]},{"val":[{"type":"text","content":"Drilling and completion of two (2.0 net) wells to support our low decline conventional asset base that continues to perform well despite modest reinvestment during the Reford SAGD build-out. Incremental conventional drilling and completion investment will be dependent on crude oil pricing;","length":290,"tagName":"p"}]},{"val":[{"type":"text","content":"Generate adjusted funds flow(1) of $208 million(2) ($1.23 per diluted share) at US$60 WTI;","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":"Investment of $10 million for abandonment and reclamation activities;","length":69,"tagName":"p"}]},{"val":[{"type":"text","content":"At budget pricing, forecasted maximum draw of approximately 69% of our $240 million credit facility with net debt(1) remaining flat; and","length":136,"tagName":"p"}]},{"val":[{"type":"text","content":"Dividend level maintained at $0.06 per share per month.","length":55,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1045,"olType":false},{"type":"text","content":"(1) See non-GAAP and other financial measures(2) See budget summary for assumptions","length":84,"tagName":"p","attribs":{}},{"type":"text","content":"Cardinal's 2026 capital budget totalling $75 million has been designed to conservatively navigate the volatile crude oil price environment while remaining committed to shareholder returns through our monthly dividend. Maintaining a view that is rooted in preserving a flexible balance sheet is importan...

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