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Cardinal Provides an Update on the Operation of Its Thermal Business Unit and the De-Risking of Several Thermal Projects
Calgary, Alberta--(Newsfile Corp. - January 26, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Car...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Provides an Update on the Operation of Its Thermal Business Unit and the De-Risking of Several Thermal ProjectsCalgary, Alberta--(Newsfile Corp. - January 26, 2026) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") wishes to provide an update on its thermal evaluation and development program and the advancement of two future steam-assisted gravity drainage (\"SAGD\") oil development projects - (\"Reford 2\") and (\"Kelfield\"). These projects build on the success and technical foundation of the Company's Reford 1 SAGD development (\"Reford 1\") aligning with Cardinal's strategy to responsibly grow its thermal portfolio in high-quality, long-life reservoirs.CARDINAL'S THERMAL STRATEGY Since acquiring our initial thermal assets in 2023, Cardinal has been conducting both seismic and stratigraphic delineation and evaluation of these assets and augmenting our land position for these assets and additional projects. REFORD 1 PROJECT - PERFORMANCE AND CONTEXTCardinal's inaugural thermal project at Reford 1 was delivered substantially on budget and ahead of schedule, with construction and commissioning completed in line with internal objectives. The project has progressed into full production and is currently producing above its 6,000 bbl/d (100% heavy oil) nameplate design capacity with the Company targeting Reford 1 volumes of 6,500 bbl/d in the first quarter of 2026, underscoring the strength of the technical execution and reservoir quality. REFORD 2 PROJECTIn the second half of 2025, Cardinal acquired additional lands through a series of transactions and consolidated a 100% working interest in the Reford 2 project which is located approximately 10 kilometres north of Reford 1. The Reford 2 reservoir targets the same Waseca channel as exists at Reford 1, with analogous geological and reservoir attributes. Highlights of the proposed Reford 2 project are as follows:Design capacity: 4,250 bbl/d, expandable to 6,500+ bbl/dProjected operating life: Approximately 20 yearsEstimated capital cost: Approximately $140 million(1) for the base project, expandable to 6,500 bbl/d for an additional cost of approximately $40 million(1)Expected construction timeline from commencement to first steam in 18 monthsOnce the base project reaches nameplate production capacity of approximately 4,250 bbl/d, the Company's estimate ...