Cardinal Energy Reports Record-Setting Production Growth in Q2

Cardinal Energy Ltd., an Alberta-based oil and gas company, reported strong operating and financial results for the second quarter of 2026. The Company's production averaged 25,636 barrels of oil equivalent per day (boe/d), a 21% increase from the same period in 2025.

The significant growth was primarily driven by crude oil production additions from the Reford 1 steam-assisted gravity drainage project. Adjusted funds flow reached $123.4 million, a 150% increase compared to the second quarter of 2025 and one of the highest in Cardinal's history.

The Company directed its adjusted funds flow towards capital expenditures, debt reduction, and shareholder dividends. Net operating expenses per boe decreased by 12% to $20.38/boe, reflecting lower costs from Reford production and decreased carbon taxes and power prices.