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Cardinal Energy Ltd. Announces Monthly Dividend for September and Commencement of Steam Injection into the Reford Thermal Project
Calgary, Alberta--(Newsfile Corp. - September 8, 2025) - Cardinal Energy Ltd. (TSX: CJ) (" Cardin...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces Monthly Dividend for September and Commencement of Steam Injection into the Reford Thermal ProjectCalgary, Alberta--(Newsfile Corp. - September 8, 2025) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") confirms that our September dividend of $0.06 per common share will be paid on October 15, 2025 to shareholders of record on September 30, 2025. 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.Cardinal would like to announce it commenced injecting steam into its first thermal oil project at Reford, Saskatchewan on August 21, 2025. The construction portion of the project is now complete. Our new Southwest Saskatchewan thermal team has brought the project in ahead of schedule and on budget. Reford will now go through a warm-up phase, via steam circulation, for approximately 90 days before progressing to the SAGD production phase. As forecasted, small quantities of oil are currently being circulated to surface along with the steam as an emulsion for processing at the Reford Central Processing Facility. Oil production is expected to slowly ramp up for the next several months until hitting the production target of 6,000 bbl/d of oil in the first quarter of 2026.In the first quarter of 2026, Cardinal expects production to average between 26,500 - 27,500 boe/d versus current production of approximately 20,600 boe/d, a ~30% increase to start 2026. We continue to derisk additional thermal projects and expect to be able to announce the sanctioning of the next project when market conditions for both oil pricing and our corporate debt are aligned. Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements and forward-looking information (collectively \"forward-looking information\") within the meaning of applicable securities laws relating to Cardinal's plans and other aspects of Cardinal's anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward-looking information typically uses words such as \"anticipate\", \"believe\", \"project\", \"expect\", \"goal\", \"plan\", \"intend\", \"may\", \"would\", \"could\" or \"will\" or similar words suggesting future outcomes, eve...