Cardinal Energy Ltd. Announces Monthly Dividend for September and Commencement of Steam Injection into the Reford Thermal Project

Core Points - Cardinal Energy Ltd. announced a monthly dividend of $0.06 per common share, payable on October 15, 2025, to shareholders of record on September 30, 2025 [1] - The company commenced steam injection into its first thermal oil project at Reford, Saskatchewan, on August 21, 2025, completing the construction ahead of schedule and on budget [2] - The Reford project will undergo a warm-up phase for approximately 90 days, with oil production expected to ramp up to a target of 6,000 barrels per day (bbl/d) in the first quarter of 2026 [3][6] - Cardinal anticipates production in Q1 2026 to average between 26,500 and 27,500 barrels of oil equivalent per day (boe/d), representing a ~30% increase from the current production of approximately 20,600 boe/d [4][13] - The company is working to derisk additional thermal projects and plans to announce the sanctioning of the next project when market conditions align [4] Production and Financial Expectations - The Reford project is expected to achieve designed production rates of 6,000 bbl/d of heavy oil in early Q1 2026 [6] - Current production is approximately 20,600 boe/d, with a forecasted increase to 26,500 to 27,500 boe/d in Q1 2026, indicating a significant growth trajectory [4][13] - The production composition for Q1 2026 is projected to be 37% light/medium oil, 52% heavy oil, 3% natural gas liquids, and 8% conventional natural gas [13] Company Overview - Cardinal Energy Ltd. is a Canadian oil and natural gas company focused on low decline sustainable oil production in Western Canada [15]