CALGARY, Alberta, Dec. 06, 2018 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“ Cardinal “) (TSX: CJ) Volatility in Canadian oil price differentials, coupled with the recent decline in world oil prices have caused Cardinal to re-evaluate the current level of its dividend. During the fourth quarter, Canadian oil producers have received embarrassingly low prices due to lack of pipeline egress. Industry is looking to truck and rail solutions to move oil to market instead of transporting it through the safest most cost effective way in pipelines. Our lack of provincial and federal government leadership and failure to act in getting new export pipelines built is costing not only Alberta, but all Canadians significant revenue and future investment in our country. This week’s Alberta government announcement is a much needed short term solution but will not solve the long-term takeaway capacity issue facing our industry. We encourage our shareholders to voice their disapproval with the Alberta government and their local Federal Member of Parliament on the lack of progress on the construction of new export pipelines out of western Canada. Although we don’t think that the current pricing differentials between Canadian barrels and US barrels will be permanent, we are […]
