Cardinal Energy Ltd. Announces Second Quarter 2026 Operating and Financial Results

About this update from Cardinal Energy Ltd.

Calgary, Alberta--(Newsfile Corp. - July 28, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") is pleased to announce its operating and financial results for the second quarter ended June 30, 2026. FINANCIAL AND OPERATING HIGHLIGHTS FROM THE SECOND QUARTER OF 2026 (1) See non-GAAP and other financial measures. The following table summarizes our second quarter operating and financial highlights: n/m Not meaningful or not calculable SECOND QUARTER OVERVIEW During the second quarter, Cardinal maintained solid production performance with its conventional assets continuing to provide a strong and predictable base while its Reford 1 thermal property delivered another quarter of volumes that have outperformed nameplate capacity. Despite a planned inspection of the steam generating units that impacted volumes for approximately five days during the period, Reford 1's quarterly production averaged 6,567 bbl/d. Paired with conventional production volumes that were largely flat quarter-over-quarter, Cardinal's first half average 2026 volumes were the highest in the Company's history. Robust production volumes were met with a strong quarter for light, medium, and heavy crude oil prices which resulted in quarterly adjusted funds flow performance that ranks amongst the best the Company has delivered to date. Delivery of $123 million of adjusted funds flow ($0.70 per basic share) was more than double the amount Cardinal posted in the prior quarter and reflects the powerful torque the Company has to higher oil prices. The Company is unhedged on crude oil at present. The strong netbacks generated this quarter were also a function of operating costs continuing to fall, with the reported second quarter operating expense of $20.38/boe representing the lowest figure achieved in more than five years. Reford 1 continues to outperform operating cost expectations at less than $9.00/bbl, while lower power prices, development drilling and a well reactivation campaign contributed to optimize costs from our conventional assets. Cardinal's capital and E&E expenditures for the second quarter included the drilling of two (2.0 net) oil wells in Alderson and Heart River, 16 (16.0 net) stratigraphic wells in our Saskatchewan thermal fairway, numerous reactivations, and scheduled payments directed towards our Reford 2 SAGD project. The Company's financial fle...

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