Cardinal Energy Ltd. Announces Closing of $104.7 Million Bought Deal Offering of Common Shares

Core Viewpoint - Cardinal Energy Ltd. has successfully completed an upsized bought deal offering of common shares, raising approximately $104.7 million to support its financial and operational strategies [1][2]. Group 1: Offering Details - The company issued 12.1 million common shares at an issue price of $8.65 per share, which includes 1.1 million shares from the full exercise of the over-allotment option [2]. - Insiders of Cardinal acquired $3.5 million worth of common shares during the offering [2][6]. Group 2: Use of Proceeds - The net proceeds from the offering will primarily be used to repay and reduce outstanding indebtedness under the senior credit facility, and to accelerate the development of its second thermal oil project at Reford, along with general corporate purposes [3]. Group 3: Regulatory and Compliance Information - The common shares were offered through a prospectus supplement dated January 30, 2026, under the company's short form base shelf prospectus filed in Canada, excluding Quebec [4]. - The participation of insiders in the offering was classified as a "related party transaction," and the company was exempt from obtaining a formal valuation or minority shareholder approval due to the fair market value of the securities not exceeding 25% of the company's market capitalization [6].