Cardinal Energy (CJ) Corporate presentation summary

Financial and operational highlights

• Market capitalization stands at $1.9 billion with 173 million shares outstanding and an annual dividend of $0.72 per share.

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

• Capital expenditures for 2026 are budgeted at $160 million, with $10 million allocated to asset retirement obligations.

• Bank debt is $39 million, and debentures outstanding total $105 million.

• Insider ownership is 22.3%, and tax pools amount to $1.2 billion.

Strategic positioning and growth

• Recognized as the lowest decline conventional producer in Canada, with a 10% corporate production decline rate versus a 25% peer average.

• Focused on disciplined growth through thermal assets, which reduce corporate break-even prices and offer attractive economics.

• Over $650 million has been returned to shareholders via dividends since inception.

• Growing portfolio of thermal projects, including Reford 1 (online) and Reford 2 (under construction), with additional projects in assessment.

• Significant net asset value and reserve growth potential while maintaining a long reserve life index.

Asset base and development

• Operating areas span Saskatchewan and Alberta, with key assets in thermal oil, conventional oil, and enhanced oil recovery (EOR) projects.

• Saskatchewan thermal production is ~6,500 boe/d, with Reford 1 fully online and Reford 2 sanctioned for first steam in summer 2027.

• Multiple development targets identified in North, Central, and South regions, leveraging horizontal and multi-lateral drilling.

• Asset retirement and environmental stewardship prioritized, with $10 million budgeted for ARO in 2026.