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Cardinal Energy Ltd. Announces Monthly Dividend for January, Reford Reaches Nameplate Earlier than Expected
Calgary, Alberta--(Newsfile Corp. - January 12, 2026) - Cardinal Energy Ltd. (TSX: CJ) (" Cardina...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces Monthly Dividend for January, Reford Reaches Nameplate Earlier than ExpectedCalgary, Alberta--(Newsfile Corp. - January 12, 2026) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") confirms that our January dividend of $0.06 per common share will be paid on February 17, 2026 to shareholders of record on January 30, 2026. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an \"eligible dividend\" for Canadian income tax purposes.The Company is also pleased to announce it has exceeded the nameplate capacity (6,000 bbl/d) at its Reford SAGD project, approximately two months ahead of schedule. Early productivity from the wells has been stronger than anticipated, with the Company forecasting Reford volumes of 6,500 bbl/d in the first quarter of 2026 while continuing to assess and optimize the capabilities of the reservoir and production facilities. In light of the volatile crude oil price environment, Cardinal is electing to defer disseminating its 2026 guidance at this time. In the interim, the Company intends to operate on a net debt neutral basis, which includes servicing our monthly dividend with the remaining capital directed towards moderated and prioritized drilling, completion, and maintenance activities in both our conventional and thermal assets. We are well equipped to navigate short-term weakness in crude oil prices with the help of Reford production volumes expected to vault Cardinal's total corporate production to record levels in Q1/2026. Should oil prices strengthen through US$60/bbl WTI, the additional funds flow will be directed towards increasing our conventional oil activity, our thermal exploration initiatives and reducing debt. We look forward to updating our shareholders with formal guidance as we gain more clarity on where crude oil prices are headed in 2026. Note Regarding Forward-Looking Statements This press release contains forward-looking statements and forward-looking information (collectively \"forward looking information\") within the meaning of applicable securities laws relating to the Company's thermal project in its Reford, Saskatchewan operating area including: forecasted production levels and plans to assess and optimize the capabilities of the reservoir and production facilities; the Co...