Cardinal Energy Ltd. · TSX:CJ

Cardinal Energy — Investor Presentation (September 2026)

26 slides from Cardinal Energy's investor presentation, September 2026

  1. Slide 1: Low Decline, Differentiated & Disciplined Growth

    TSX: CJ Low Decline Differentiated & Disciplined Growth

  2. Slide 2: Cardinal Snapshot

    Cardinal Snapshot As at June 30, 2026 (unless stated) Shares Outstanding(1) 176 MM Market Capitalization (as at September 11, 2026) ~$2.1 billion Annual Dividend $0.72/share Bank Debt (Credit Facility - $275 MM) $30 MM Debentures Outstanding(2) $105 MM 2026 Production Guidance 25,000-25,500 boe/d Oi

  3. Slide 3: Key Attributes for Cardinal

    Key Attributes for Cardinal 1. Lowest Decline Conventional Oil Producer in Canada.(1) 2. Attractive Return of Capital via Dividend. Over $700 MM Returned Since Inception. Differentiated Growth: Modular Small-Scale SAGD Assets Offer Attractive Economics and Step 3. Change Reduction in Corporate Break

  4. Slide 4: Historical Production Summary

    Historical Production Summary Underpinning assets carry enviable attributes: • Predictable • Efficient additions • Oil weighted • Modest annual drilling requirements • Low decline • EOR benefitting >80% of production Cardinal Production History 30,000 Estimated Daily Production (boe/d) Reford 1 25,0

  5. Slide 5: Operating Areas (2026 Budget Forecast ~ 25,500 boe/d)

    Operating Areas (2026 Budget Forecast ~ 25,500 boe/d) Saskatchewan Conventional (~3,350 boe/d) North  Midale – Large miscible Mississippian CO2 EOR flood. o Numerous opportunities to expand when compared to neighboring analog pool. Saskatchewan Thermal (~6,600 boe/d)  W Sask – Thermal Oil Trend. R

  6. Slide 6: Capital Allocation in 2026

    Capital Allocation in 2026 • The 2026 capital budget includes a more traditional investment profile for our conventional assets. 18.1 net wells planned for 2026 vs 6.1 net wells in 2025. • Thermal exploration projects include seismic, strat wells and land to grow future inventory. • ARO commitment r

  7. Slide 7: 2026 Oil Price Sensitivity

    2026 Oil Price Sensitivity  Cardinal's adjusted funds flow is highly sensitive to crude oil prices. Cardinal's Annualized AFFO increases ~$10 MM for every $1/bbl Change in WTI.  Crude oil production is unhedged.  Significant excess FCF at current spot and strip WTI oil price outlooks.  Cardinal'

  8. Slide 8: Clearwater Development and Exploration

    Clearwater Development and Exploration Mitsue East Buffalo Upcoming stratigraphic test could prove up southern extension of our Buffalo development Success could validate a further 27 follow-up locations. Cardinal has 4x Clearwater Project Areas spanning 30,000+ acres Nipisi  Mitsue East – Currentl

  9. Slide 9: Thermal Trend – Past, Present, Future

    Thermal Trend – Past, Present, Future Past Present Future April 2023 Sept 2026 TBD  Complete R2  35 strat wells  Size and sanction  >100 sq mi new 3D Kelfield and Handel  Added ~35,000 acres  Build sales oil pipeline  Developed R1 on  Add 3D seismic budget, on time  Test thermal exploration

  10. Slide 10: Thermal Oil Project Pipeline

    Thermal Oil Project Pipeline Reford 2 – Under Handel Reford 1 – Online Project 5 Construction Kelfield Initial Assessment In excess of nameplate. Assessing (Expanding Nameplate 4,000-6,000+ bbl/d (6,000+ bbl/d) 8,000+ bbl/d TBD to 6,000 bbl/d) Creating a Multi-Year Pipeline 10 | Cardinal Energy Ltd.

  11. Slide 11: Reford 2 SAGD Project – Electing to Expand to 6,000 bbl/d

    Reford 2 SAGD Project – Electing to Expand to 6,000 bbl/d Expanding Reford 2 nameplate capacity to 6,000 bbl/d (4,250 bbl/d previously).  Now anticipating full cycle capital efficiencies of $30,000 per flowing barrel or lower.  Timing of this expansion allows Cardinal to maintain its original sche

  12. Slide 12: Handel – Sparky SAGD Discovery

    Handel – Sparky SAGD Discovery 1-15-36-19W3 (Off Confidential Aug 29th, 2026) The Handel Sparky discovery appears to be the largest thermal GR Neutron-Density (SS) SP Resistivity resource accumulation identified along Cardinal's Saskatchewan thermal trend to date.  Sparky discovery an example of th

  13. Slide 13: Reford – Concept to Tangibility with Solid Execution

    Reford 1 – Concept to Tangibility with Solid Execution From Pushing Dirt To Pushing Through Nameplate Capacity July 2024 January 2026 FID to Nameplate Capacity: 20-24 months. FID to Completion of Construction Phase: ~16-18 months. Warm-Up Phase: ~2-3 months. 13 | Cardinal Energy Ltd. | TSX: CJ Ramp-

  14. Slide 14: Reford 1: Track Record of Execution and Performance

    Reford 1: Track Record of Execution and Performance ✓ PROJECT SUCCESS 2 months 60% >6,500 bbl/d $26,900 >2,000,000 barrels produced at Reford 1 to Ahead of Schedule Fixed Price Contracts 2026 YTD Production Cost per Flowing bbl date Key Performance Highlights Project Economics 1 Delivered 2 Months A

  15. Slide 15: Economics of a 6,000 bbl/d Saskatchewan SAGD Project

    Economics of a 6,000 bbl/d Saskatchewan SAGD Project Nameplate Design: 6,000 bbl/d Project Life: +20 years Recovery Potential: 40 MMbbls+ Economic Model Assumptions: • Project cost $176 MM • WTI-WCS Differential at $13.00/bbl USD • AECO at $2.25/mmbtu • FX at 0.73 Please see "Advisory" 15 | Cardinal

  16. Slide 16: Appendix

    Appendix 16 | Cardinal Energy Ltd. | TSX: CJ

  17. Slide 17: Year-end 2025 Reserves

    Year-end 2025 Reserves Five consecutive years delivering:  CAGR >6% with potential to accelerate 180 20  Stable/Long Reserve Life Index 160 18 Thermal performance continues to drive 140 16 step-changes: 14 120  PDP reserves booked on initial phase Reserves (Mmboe) Reserve Life Index 12  Material

  18. Slide 18: Advantages of Saskatchewan Thermal Heavy Oil

    Advantages of Saskatchewan Thermal Heavy Oil 180,000 Saskatchewan Thermal Benefits 160,000 • Surface Access = Project Timing and Reduced Project Cost • Central Location and Existing Infrastructure = Marketing Optionality 140,000 • Oil Quality = Better Wellhead Price + Lower OPEX • Attractive Royalti

  19. Slide 19: Saskatchewan Advantages – Regulations/Crown Royalties

    Saskatchewan Advantages – Regulations/Crown Royalties 19 | Cardinal Energy Ltd. | TSX: CJ

  20. Slide 20: The Refords - Waseca Channel Trend

    The Refords - Waseca Channel Trend Waseca channel trend  Defined resource Central Processing Facility & Pad 1  41 stratigraphic test wells  5 water disposal wells Reford 2  6 horizontal well pairs CPF  3D seismic across land base  Channel isopach up to 35m  Oil column up to 20m  Channel widt

  21. Slide 21: Reservoir Comparison

    Reservoir Comparison Dee Edam Edam Meota Meota Paradise Pikes Rush Spruce 1,000,000 Analog 1 Valley Edam East West East West Hills Peak Lake Sandall Lake Reford Analog 2 Operator CVE SCR CVE CVE SCR SCR CVE CVE CVE CVE CVE CJ 100,000 Analog 3 Reford 103/02-06 Analog 1 Fit Year on stream 2019 2016 20

  22. Slide 22: ARO Focus

    ARO Focus Asset Closure of our inactive assets remains a priority. Since 2020 Cardinal has: Retirement  Abandoned 702 operated wellbores  Decommissioned 59 facilities  Reclaimed numerous surface sites; received 219 reclamation certificates since 2020  Abandoned 924 segments of pipeline, totaling

  23. Slide 23: Advisory

    Advisory Note Regarding Forward Looking Statements This presentation contains forward-looking statements and forward-looking information (collectively governmental agencies, the ability to obtain financing on acceptable terms which are subject to change "forward-looking information") within the mean

  24. Slide 24: Advisory

    Advisory Oil and Gas Advisories The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe Light/Medium Conventional Total conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equi

  25. Slide 25: Advisory

    Advisory Original Oil in Place ("OOIP") means Discovered Petroleum Initially in Place ("DPIIP"). DPIIP is Light/Medium Heavy Conventional Total that quantity of petroleum that is estimated, as of a given date, to be contained in known Reserves as of Dec 31, 2023 Crude Oil Oil NGLs Natural Gas (MMBOE

  26. Slide 26: Advisory

    Advisory Free Cash Flow Cardinal utilizes development capital expenditures as a measure of capital investment on property, plant and Cardinal utilizes free cash flow as a measure to assess Cardinal’s ability to generate cash, after taking equipment excluding capitalized G&A, other assets and net acq

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