Cardinal Energy Proceeds with Expanded Reford 2 SAGD Project

Cardinal Energy Ltd., a Canadian oil and natural gas production company, is moving forward with the expansion of its Reford 2 SAGD project. The project's nameplate capacity will increase from 4,250 bbl/d to 6,000 bbl/d, following an improved crude oil price environment that outpaces the company's budget forecast for 2026.

The incremental cost for this expansion is estimated at $40 million, resulting in a capital deployment efficiency of approximately $23,000 per flowing barrel. The majority of these expenditures are anticipated to occur in 2027. By proceeding with the Reford 2 expansion, Cardinal aims to replicate the performance achieved with its Reford 1 project.

The company's decision allows it to maintain its original schedule, with first steam expected in summer 2027 and nameplate capacity reached in early Q4 2027. Cardinal has already achieved a significant milestone at Reford 1, producing over 2 million barrels of oil since first steam on August 21, 2025.

The company's updated corporate presentation is available on its website, and it will be attending the Peters & Co. Limited 30th Annual Energy Conference in Toronto from September 15-17, 2026. Cardinal has also confirmed its monthly dividend for September at $0.06 per common share, payable to shareholders of record on September 30, 2026.