Cardinal Energy Ltd. · TSX:CJ
Cardinal Energy — Investor Presentation (May 2026)
25 slides from Cardinal Energy's investor presentation, May 2026
Slide 1: Corporate Presentation May 2026
TSX: CJ Low Decline Differentiated & Disciplined Growth Corporate Presentation May 2026
Slide 2: Cardinal Snapshot
Cardinal Snapshot As at March 31, 2025 (unless stated) Shares Outstanding(1) (as at May 7, 2026) 176 MM Market Capitalization (as at May 7, 2026) ~$2.1 billion Annual Dividend $0.72/share Bank Debt $65 MM Debentures Outstanding(2) $105 MM 2026 Production Guidance 25,000-25,500 boe/d Oil & Liquids We
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 $670 MM Returned Since Inception. Differentiated Growth: Modular Small -Scale SAGD Assets Offer Attractive Economics and Step 3. Change Reduction in Corporate Brea
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
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. Re
Slide 6: Updated Capital Allocation in 2026
Updated Capital Allocation in 2026 • The expanded 2026 capital budget includes a more traditional investment profile for our conventional assets. 18.1 net wells planned for 2026 vs 6.1 wells in 2025. • Reford 2 project capex is virtually unchanged while the thermal exploration plan expands modestly.
Slide 7: 2026 Conventional Capital Program Additions
2026 Conventional Capital Program Additions The increased capital allocation towards our conventional program in 2026 is expected to deliver: • Conventional production additions of ~1,000boe/d in the fourth quarter of 2026. • Continued investment in enhanced recovery schemes to strengthen Cardinal's
Slide 8: 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'
Slide 9: 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
Slide 10: Cardinal Thermal Trend
C ardinal Thermal Trend Plains Legend: Unity Oil Terminal Cardinal Land 1. Reford 1 SAGD Project Water Source Railway • Currently producing above nameplate Plains Pipeline capacity of 6,000 bbl/d AB SK Gibsons/Flint Hills Hardisty TransGas Pipeline • Online ahead of schedule and on budget Oil Termin
Slide 11: Reford 1 – 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. 11 | Cardinal Energy Ltd. | TSX: CJ Ramp-
Slide 12: Reford 1: Track Record of Execution and Performance
Reford 1: Track Record of Execution and Performance ✓ PROJECT SUCCESS 2 months 60% ~6,700 bbl/d $26,900 Ahead of Schedule Fixed Price Contracts Q1 2026 Production Cost per Flowing bbl Key Performance Highlights Project Economics 1 Delivered 2 Months Ahead of Schedule Operating Netback ($/bbl) Constr
Slide 13: Thermal Oil Project Pipeline
Thermal Oil Project Pipeline Reford 1 – Online. Reford 2 – Under Project 4 Project 5 Kelfield In excess ofnameplate. Construction Assessing Assessing 4,000-6,000+ bbl/d TBD (6,000+ bbl/d) 4,250 - 6,500+ bbl/d TBD Creating a Multi -Year Pipeline 13 | Cardinal Energy Ltd. | TSX: CJ Please see "Advisor
Slide 14: Reford 2 SAGD Project Update
Reford 2 SAGD Project Update ▪ Contract signed with Propak Systems Ltd. Ensures fixed pricing on ~60% of the total forecasted project costs. ▪ Fabrication of CPF equipment has started. ▪ Surface location for Central Processing Facility ("CPF") and well pad have been selected and leased. ▪ First SAGD
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 15 | Cardinal Energy Ltd. | TSX: CJ
Slide 16: 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 Reserves (Mmboe) ❑ PDP reserves booked on initial phase Reserve Life Index 12 ❑ Material
Slide 17: Appendix
Appendix 17 | Cardinal Energy Ltd. | TSX: CJ
Slide 18: Saskatchewan Advantages – Regulations/Crown Royalties
Saskatchewan Advantages – Regulations/Crown Royalties 18 | Cardinal Energy Ltd. | TSX: CJ
Slide 19: Reford Waseca Channel
Reford 1 Waseca Channel Waseca channel trend ❑ Defined resource Central Processing Facility & Pad 1 ▪ 16 stratigraphic test wells ▪ 3 water disposal wells ▪ 6 horizontal well pairs ▪ 3D seismic across land base ▪ Channel isopach up to 35m ▪ Oil column up to 20m ▪ Channel width 500-800m ▪ Porosity 30
Slide 20: 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 CVE SCR CVE CVE SCR SCR CVE CVE CVE CVE CVE CJ 100,000 Analog 3 Operator Reford 103/02-06 Analog 1 Fit Year on stream 2019 2016 20
Slide 21: ARO Focus
ARO Focus Asset Closure of our inactive assets remains a priority. Since 2020 Cardinal has: Retirement ▪ Abandoned 690 operated wellbores ▪ Decommissioned 54 facilities ▪ Reclaimed numerous surface sites; receiving 211 reclamation certificates since 2020 ▪ Abandoned 905 segments of pipeline, totalin
Slide 22: Advisory
Advisory Note Regarding Forward Looking Statements This presentationcontains forward-looking statementsand forward-looking information (collectively governmentalagencies,the ability to obtain financing on acceptableterms which are subject to change "forward-looking information") within the meaning o
Slide 23: Advisory
Advisory Oil and Gas Advisories The term "boe" or barrelsof oil equivalentmay be misleading, particularly if used in isolation. A boe Light/Medium Conventional Total conversionratio of six thousandcubic feet of natural gas to one barrel of oil equivalent(6 Mcf: 1 bbl) is basedon an energy equivalenc
Slide 24: 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 (MMBO
Slide 25: Advisory
Advisory Free Cash Flow Cardinal utilizes developmentcapital expendituresas a measureof capital investmenton property, plant and Cardinal utilizes free cash flow as a measureto assessCardinal’s ability to generatecash, after taking equipment excluding capitalized G&A, other assetsand net acquisition