CALGARY, Alberta, March 11, 2021 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ; CJ.DB.A) announced today that it has completed the previously announced redemption of its 8.00% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the “Debentures“). Prior to the redemption date, Cardinal issued 22,410,000 common shares upon the voluntary conversion of $28,013,000 principal amount of the Debentures representing approximately 99.3% of the outstanding Debentures. The redemption of the remaining $194,000 principal amount of the Debentures was funded through the Company’s credit facility. As the majority of the Debentures were converted into common shares, the redemption … Continue Reading

CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX:CJ) is pleased to present the results of its independent reserve report effective December 31, 2020. One hundred percent of Cardinal’s year-end 2020 reserves were evaluated by independent reserves evaluator GLJ Ltd. (“GLJ”) as at December 31, 2020 (the “2020 Reserve Report”). The 2020 financial information in this press release is unaudited and accordingly, such financial information is subject to change based on the results of the Company’s year-end audit.

SUSTAINABILITY AND OPERATIONS

The resilience, quality and sustainability of our low decline asset … Continue Reading

CALGARY, Alberta, Feb. 04, 2021 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ; CJ.DB.A) is pleased to announce that it is issuing a notice of redemption to holders of its currently outstanding $28,207,000 8.00% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the “Debentures“). The Debentures are not subject to a pre-payment penalty.

As set out in the notice of redemption, Cardinal will redeem, as of March 11, 2021 (“Redemption Date“), all of the aggregate principal amount of the Debentures for cash. On the Redemption Date, Cardinal will pay the aggregate principal amount of the Debentures … Continue Reading

CALGARY, Alberta, Jan. 15, 2021 (GLOBE NEWSWIRE) — (CJ:TSX) Cardinal Energy Ltd. (“Cardinal” or the “Company”) is pleased to announce that its Board of Directors has approved an operating and capital budget for 2021 that will focus on debt reduction, maintaining production levels and abandonment and reclamation expenditures.

Highlights of 2021 Budget  

Generates adjusted funds flow of $70 to $75 million;

Approximately $40 to $45 million or 55% to 60% of adjusted funds flow will be utilized for debt repayment;

Forecasting a 20% reduction in net bank debt by year-end;

Executing a conservative capital program of $25 to $30 million

… Continue Reading

CALGARY, Alberta, Dec. 30, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ) announces that it has closed the non-brokered private placement (the “Private Placement“) of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units (the “Units“) at a subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020. The proceeds from the Private Placement will be used to repay Cardinal’s outstanding 5.50% convertible subordinated debentures which are maturing on December 31, 2020 and for general corporate purposes.

As a condition of the financing, certain directors participated … Continue Reading

CALGARY, Alberta, Dec. 09, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ) announces it has received approval from its syndicate of lenders to extend our credit facilities (“Facilities”). The Facilities were renewed at $225 million and extend the revolving period and maturity date to May 31, 2021 and May 31, 2022, respectively. In this renewal Cardinal has received reserve based lending commitments from two new lenders, Export and Development Canada and Canadian Western Bank, while one previous lender, National Bank Financial, has been asked to exit.

The $40.5 million lending commitment from EDC, based on … Continue Reading

CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ) announces that it has entered into subscription agreements for a non-brokered private placement of approximately $16,920,833 principal amount of 2nd lien secured notes (the “Notes“) issued at a 4% discount for gross proceeds of $16,244,000. As part of the Note offering, each subscriber is also required to subscribe for a pro rata number of units (the “Units“) totaling 8,122,000 Units, at a subscription price of $0.50 per Unit for gross proceeds of $4,061,000.

The Notes will bear interest at 12% per annum (all … Continue Reading

CALGARY, Alberta, Nov. 24, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) Cardinal is pleased to announce it has agreed to a term sheet reflecting extensive discussions with certain existing and new lenders that would provide Cardinal with longer term certainty around its credit facility. These terms are still awaiting formal approvals from the involved parties which are expected to be received by December 15, 2020. Based on the term sheet, the credit facility is expected to be renewed for $225 million with current market terms for a conforming reserve based lending facility.

With strengthening commodity prices, the … Continue Reading

CALGARY, Alberta, Nov. 04, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company“) (TSX: CJ) is pleased to announce its operating and financial results for the third quarter ended September 30, 2020.

Selected financial and operating information is shown below and should be read in conjunction with Cardinal’s unaudited condensed interim financial statements and related Management’s Discussion and Analysis for the three months ended September 30, 2020 which are available at www.sedar.com and on our website at www.cardinalenergy.ca.

FINANCIAL HIGHLIGHTS FROM THE THIRD QUARTER OF 2020

Reduced our bank indebtedness by $13.2 million while net debt(1) decreased

… Continue Reading

CALGARY, Alberta, Oct. 30, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to November 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to November 30, 2020.

About Cardinal Energy Ltd.

One of Cardinal’s goals is to continually improve our Environmental, Safety and Governance mandate and operate our assets in a responsible and environmentally sensitive manner. As part of … Continue Reading

CALGARY, Alberta, Sept. 30, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to October 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to October 30, 2020.

Cardinal has hedged a substantial amount of our oil production for the remainder of 2020 at favourable pricing significantly limiting pricing risk and supporting our debt reduction strategy. We continue to bring … Continue Reading

CALGARY, Alberta, Aug. 31, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) has received approval to extend the revolving period applicable to the Company’s existing reserves-based credit facility to September 30, 2020. The credit facility continues to be available, on a revolving basis, until that date. In connection therewith, the date for the re-determination of the borrowing base has also been extended to September 30, 2020.

About Cardinal Energy Ltd.

One of Cardinal’s goals is to continually improve our Environmental, Safety and Governance mandate and operate our assets in a responsible and environmentally sensitive manner. As part of … Continue Reading