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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 base was demonstrated through an extremely challenging operational and financial period in 2020. The impacts on our business due to COVID-19 and the associated volatility in oil prices were profound and forced rapid decisions to reduce long term negative consequences. Cardinal’s focus was to preserve financial liquidity, capture cost savings while keeping our operations safe and maintaining the long term value of our assets. The year started off in a bullish fashion with WTI oil prices over US$60 per bbl and Cardinal kicking off a multi-well drilling program. This successful program consisted of six horizontal […]
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