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In conjunction with its Q3 2023 results release , Cardinal Energy made a very interesting operations announcement. On November 6, Cardinal Energy released details on its establishment of a thermal oil operating unit in Saskatchewan. The company, which has historically operated predominantly in eastern Alberta with a growing presence in the Clearwater, announced plans to begin development of a Steam-Assisted Gravity Drainage (SAGD) project near Reford, Saskatchewan. The company’s November corporate presentation provided detailed information on its plans, but we wanted to leverage Petro Ninja and BOE Intel tools to provide our readers with an expanded view of this opportunity. Map of Cardinal Energy’s Primary Assets (Source: Cardinal Energy November Presentation ) Cardinal acquired some of its thermal assets via its April 2023 acquisition of Broadview Resources Inc., as well as a number of land purchases that aren’t discussed in detail. As it stands, none of the acquired rights have been utilized in active drilling or production of any kind. In total, we’ve identified 16.8 net sections that were transferred as part of the Broadview transaction. As discussed later in this article, when you compare public mineral rights to the company’s own map in its presentation, it’s likely that […]
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