Cardinal Energy (CJ) investor relations material

Snapshot and capital allocation

• 176 MM shares outstanding; $2.1B market capitalization as of Nov. 5, 2026; annual dividend $0.72/share; insider ownership 22%.

• Credit-facility debt $9 MM against a $275 MM facility; debentures $105 MM, comprising $60 MM at 7.75% and $45 MM at 8.25%; tax pools $1.2B.

• More than $700 MM returned since inception; 2026 budget includes $105 MM conventional capital, $17 MM thermal exploration and Reford 1, $83 MM Reford 2 construction, and $20 MM ARO.

• 2026 ARO budget was increased twice; spending is now more than 2x the required amount, with capital acceleration considered if oil prices remain supportive and leverage is below budget assumptions.

Production and operating assets

• 2026 production guidance 25,000–25,500 boe/d, with 93% oil and liquids weighting; estimated conventional production decline is 10%.

• More than 80% of production benefits from EOR; underlying assets are described as predictable, oil weighted and low decline, with modest annual drilling needs.

• 2026 forecast production spans Saskatchewan conventional 3,350 boe/d, Saskatchewan thermal 6,600 boe/d, North 6,350 boe/d, Central 5,200 boe/d and South 4,000 boe/d.

• Saskatchewan assets include the Midale miscible CO2 EOR flood; North, Central and South areas target legacy oil pools and Mannville development opportunities, including horizontal multi-lateral wells.

Thermal growth pipeline

• Reford 1 is producing above nameplate at 6,000+ bbl/d; 2026 YTD production exceeded 6,500 bbl/d, with more than 2 MM barrels produced to date and a current steam-oil ratio of 2.6x.

• Reford 2 nameplate expanded to 6,000 bbl/d from 4,250 bbl/d; earthworks are essentially complete, initial six well pairs are being drilled, and first steam is targeted for summer 2027.

• Thermal pipeline includes Kelfield at 4,000–6,000+ bbl/d and Handel at an initial assessment of 8,000+ bbl/d; additional projects remain under assessment.

• Handel Sparky discovery has 35 m of oil pay plus 7 m in the Waseca, 30–36% porosity and estimated 70–80% oil saturation; initial indications support an 8,000+ bbl/d project.

• Three additional identified SAGD targets are estimated at 4,000–8,000 bbl/d each; combined production potential with Reford 1 is stated at more than 22,000 bbl/d, subject to exploration and technical success.