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Cardinal Energy Ltd. Announces First Quarter 2026 Results, Executive Changes, and Increases to 2026 Capital Budget
Calgary, Alberta--(Newsfile Corp. - May 7, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Car...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces First Quarter 2026 Results, Executive Changes, and Increases to 2026 Capital BudgetCalgary, Alberta--(Newsfile Corp. - May 7, 2026) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") is pleased to announce its operating and financial results for the first quarter ended March 31, 2026.FINANCIAL AND OPERATING HIGHLIGHTS FROM THE FIRST QUARTER OF 2026Cardinal achieved record quarterly production of 25,948 boe/d in the first quarter due to a full quarter of production from the Reford steam-assisted gravity drainage (\"SAGD\") project. First quarter 2026 production increased by 18% compared to the same period in 2025;Adjusted funds flow(1) for the first quarter was $60.5 million ($0.35 per diluted share), which was directed to the funding of the Company's capital expenditures and corporate dividend;Net operating expenses(1) per boe decreased 13% in the first quarter compared to the same period in 2025 reflecting the impact of low Reford costs, lower carbon taxes and decreased power prices;During the first quarter of 2026, Cardinal announced the final investment decision for its second SAGD project at Reford 2 and has entered into a fixed cost agreement for the engineering, fabrication and field construction of the central processing facility, including the well pad; During the first quarter of 2026, Cardinal completed an upsized bought deal offering of common shares for total gross proceeds of approximately $104.7 million which allowed the Company to reduce bank debt by 53% from December 31, 2025 levels to $64.7 million at March 31, 2026 and begin funding the second SAGD project at Reford 2. At the end of the first quarter, Cardinal was drawn $64.7 million or 24% of our current $275 million credit facilities; andCapital expenditures of $38.6 million were directed towards initial deposits for the Reford 2 SAGD project and the drilling and completion of two (2.0 net) oil wells, continuing with our well reactivation program and CO2 purchases at our enhanced oil recovery project in Midale, Saskatchewan.(1) See non-GAAP and other financial measures.The following table summarizes our first quarter operating and financial highlights: ($000's except shares, per share and operating amounts)Three months ended March 3120262025% ChgFinancialPetroleum and natural gas revenue166,646149,76811...