Cardinal Energy Ltd. · TSX:CJ
Cardinal Energy — Corporate Update (March 2026)
25 slides from Cardinal Energy's corporate update, Mar 31, 2026
Slide 1: Low Decline, Differentiated & Disciplined Growth
TSX: CJ Low Decline Differentiated & Disciplined Growth
Slide 2: Open House Agenda
Open House Agenda Who is Cardinal Energy? Saskatchewan Thermal Oil Trend What is Steam Assisted Gravity Drainage (SAGD)? Reford 2 Project Proposal Location, Timeline, and Regulatory Approval Process Infrastructure Environmental Monitoring Health and Safety Economic Investment and B
Slide 3: Cardinal Operating Areas
Cardinal Operating Areas Saskatchewan Conventional (Q4 – ~3,400 boe/d) North Midale – Large miscible Mississippian CO2 EOR flood. o Numerous opportunities to expand when compared to neighboring analog pool. Saskatchewan Thermal (Q4 – ~3,600 boe/d) W Sask – Thermal Oil Trend. Reford 1 now fully o
Slide 4: Cardinal Historical Production Summary
Cardinal 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 Reford 1 25,000 Start-Up Est. Daily Pro
Slide 5: Cardinal Thermal Trend
Cardinal Thermal Trend Plains Legend: Unity Oil Cardinal Land 1. Reford 1 SAGD Project Terminal Water Source • Currently producing above nameplate capacity of Railway 6,000 bbl/d Plains Pipeline AB SK Gibsons/Flint TransGas Pipeline • Online ahead of schedule and on budget Hills Hardisty Oil Termina
Slide 6: 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 Ahead of Schedule Fixed Price Contracts Q1 2026 Production Cost per Flowing bbl From Pushing Dirt To Pushing Through Nameplate Capacity July 2024 January 2026 Please see "Advisory" 6 | Cardinal Ene
Slide 7: What is SAGD?
What is SAGD? SAGD stands for Steam Assisted Gravity Drainage and is an enhanced oil recovery (EOR) technique for Central Processing Facility (CPF) heavy oil in sandstone rock formations. SAGD Process 1) Steam is injected down the injector well. 2) Steam exits the slots of the well and contacts the
Slide 8: Why Do We Use SAGD?
Why Do We Use SAGD? Without heat our oil viscosity resembles ketchup, making it extremely difficult to recover. Once the oil is heated it flows like table cream. This allows high recovery factors of more than 60% of the oil in place. Reford Oil Reford Oil at 200°C Add Heat at ~ 24°C Other pr
Slide 9: SAGD well pair cross-section
Toe Observation Well Heel Observation Well SAGD Well Pair Disposal Well surface OVERBURDEN 611 mTVD WASECA CAP ROCK 620 mTVD WASECA SAGD TARGET ZONE SAGD Injector Well (Steam Injection) SAGD Producer Well (Oil Production) 640 mTVD WASECA BOTTOM WATER 650 mTVD MANNVILLE GROUP 740 mTVD DUPEROW (Produc
Slide 10: Reford 2 Area Map
Reford 2 Area Map Reford 2 Facility SAGD Gas Pipeline Wells Extension Twp Road 384 Existing Gas Pipeline Grid Road 657 Water Pipeline Extension Reford 2 Reford 1 Facility & Existing Water Pipeline Wells Reford 1 10 | Cardinal Energy Ltd. | TSX: CJ
Slide 11: Reford 2 Pad and Strat Wells
Reford 2 Pad 201 Pad 201 Disposal Well/ Six 1,400m well pairs applied for Strat Well with four planned to be drilled in Q4 2026 to fill Reford 2 at 4,250 bbl/d. 2025 Strat Two existing strat wells with core Core + OBS across the drainage area showing Existing similar high quality reservoir OBS W
Slide 12: Reford 2 Project Requirements and Timeline
Reford 2 Project Requirements and Timeline February June - August October - December May August Cardinal Sanctions Earthworks at Drilling SAGD Wells Construction Oil Production Reford 2 Facility Site Complete 2026 2027 March - May September January June Regulatory Approvals and Facility Construction
Slide 13: Reford 2 SAGD Project Update (as of March, 2026)
Reford 2 SAGD Project Update (as of March, 2026) Contract signed with Propak Systems Ltd. Ensures fixed pricing on ~60% of the total forecasted project costs. Surface location for Central Processing Facility and well pad have been selected and leased. First SAGD pad of well pairs have been des
Slide 14: Reford to Kerrobert Sales Oil Pipeline
Reford → Kerrobert Sales Oil Pipeline Goal: Reduce truck traffic by transporting production via pipeline from the Reford area to Kerrobert. Reford 2 What we are building: ~70 km underground steel pipeline built alongside our Reford 1 Reford 2 development. Designed with modern leak detection and
Slide 15: Water Source, Protection, and Monitoring
Water Source, Protection, and Monitoring Reford 2 Thermal Project Water Will Be Sourced From: Source Water Investigation Underway For Judith River Aquifer (130m to 164m bgs) – 3km Outside Current Source Water Location Additional Allocation May Be Requested for Landis Aquifer Based On Investigati
Slide 16: Reford 2 Environmental Screening
Reford 2 Environmental Screening Pre-Disturbance Screening Complete Including: Wildlife Habitat Potential Wetlands Slopes Land Use Watercourse/Ephemeral Streams Additional Screening Work Will Take Place In Summer 2026 No Sensitive Species Have Been Identified 16 | Cardinal Energy Ltd. |
Slide 17: Reford Air Emissions Modelling
Reford Air Emissions Modelling Reford is a new, highly-efficient facility employing best-in-class equipment design. Fuel gas is consumed to boil fresh water for steam generation in the once-through-steam-generators (OTSGs), where the majority of air emissions from Reford occur. Minimal additio
Slide 18: Reford Air Emissions Monitoring
Reford Air Emissions Monitoring Cardinal ensures compliance with all applicable regulations and is committed to going above and beyond to ensure there are no concerns regarding emissions from the Reford 1 and Reford 2 Thermal Projects Eight cutting-edge air quality monitoring devices, called SOO
Slide 19: Cardinal's Health & Safety Commitment
Cardinal’s Health & Safety Commitment Safety First Ensuring competent personnel who are aware of their rights and providing ample time for safe operations. Rigorous Training Mandatory training and onboarding for new activities, equipment, processes, and worksites. Full Compliance Operating in
Slide 20: Emergency Response & Preparedness
Emergency Response & Preparedness Comprehensive Planning Area-specific Emergency Response Plans (ERPs) with tailored action plans for potential hazards. Rapid Response Standardized Incident Command Structure (ICS) ensures personnel are trained for immediate, coordinated action. Proactive Drills
Slide 21: Reford 2 Thermal Project Forecast Economic Benefits
Reford 2 Thermal Project Forecast Economic Benefits Phase 1 Design Rate: 4,250 bopd Initial Development CAPEX: ~$175 MM Cumulative Sustaining CAPEX: ~$400 MM First Oil: Q3-2027 Cumulative OPEX: ~$850 MM Construction Jobs: +100 contractors at peak Cumulative Saskatchewan Taxes: +$100 MM Direct Employ
Slide 22: Reford 2 Employment Opportunities
Reford 2 Employment Opportunities Multi-decade project lifecycles with ongoing exploration to further extend facility life. Direct Jobs Power Engineers Maintenance (Red Seal Ticket) Office Administration Indirect Jobs Instrumentation Technicians Electrical Technicians Millwrights Pipef
Slide 23: Thank You For Coming!
Thank You For Coming! Conrad Metz | Operations Manager Heath Williamson | VP, Thermal Operations Jenni Hayward | Surface Landman Phone: 306-830-9039 Phone: 403-218-9350 Phone: 403-875-8318 Email: conradm@cardinalenergy.ca Email: heathw@cardinalenergy.ca Email: jennih@cardinalenergy.ca 23 | Cardinal
Slide 24: Advisory
Advisory This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer to buy, securities of Cardinal Energy Ltd. Note Regarding Forward Looking Statements conditions in general economic and fina
Slide 25: Advisory
Advisory Oil and Gas Advisories Production & Product Type Information The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe References to petroleum, crude oil and natural gas liquids ("NGLs"), natural gas and average daily conversion ratio of six tho