Calgary, Alberta--(Newsfile Corp. - February 23, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") is pleased to present the results of its independent reserve reports effective December 31, 2025. Consistent with prior years, Cardinal's year-end 2025 non-thermal reserves were evaluated by GLJ Ltd. ("GLJ"). The thermal reserves were independently evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel") (the GLJ report and the McDaniel report being collectively the "2025 Reserve Re ...

Core Viewpoint - International Petroleum Corporation (IPC) reported strong operational and financial performance for Q2 2025, aligning with its 2025 guidance, while progressing on the Blackrod Phase 1 development project [2][6][10]. Group 1: Financial Highlights - Revenue for Q2 2025 was USD 158.9 million, down from USD 219.0 million in Q2 2024 [7]. - Gross profit for Q2 2025 was USD 23.7 million, compared to USD 72.7 million in Q2 2024 [7]. - Operating cash flow (OCF) for Q2 2025 was USD 55 million, consistent with guidance [11]. - Free cash flow (FCF) for Q2 2025 was negative USD 58 million, reflecting significant capital expenditures [12]. - Net result for Q2 2025 was USD 13.9 million, down from USD 45.2 million in Q2 2024 [7]. Group 2: Production and Operational Performance - Average net production for Q2 2025 was approximately 43,600 barrels of oil equivalent per day (boepd), within the guidance range [6][10]. - The production composition included 52% heavy crude oil, 14% light and medium crude oil, and 34% natural gas [6][46]. - Operating costs per boe for Q2 2025 were USD 17.8, slightly below guidance [10]. Group 3: Capital Expenditures and Debt - Capital and decommissioning expenditures for Q2 2025 totaled USD 100 million, in line with guidance [11]. - As of June 30, 2025, IPC's net debt increased to USD 375 million from USD 314 million at the end of Q1 2025 [12]. - IPC has access to a Canadian revolving credit facility of over USD 180 million, which remains undrawn as of June 30, 2025 [12]. Group 4: Blackrod Project Development - The Blackrod asset contains 259 million barrels of oil equivalent (MMboe) of 2P reserves and 1,025 MMboe of contingent resources [13]. - The Phase 1 development project is targeting plateau production rates of 30,000 barrels of oil per day (bopd) with first oil expected in late 2026 [13]. - As of Q2 2025, approximately 86% of the planned growth capital expenditure of USD 850 million has been spent [13]. Group 5: Market Conditions and Pricing - Brent crude prices averaged approximately USD 68 per barrel in Q2 2025, down from just below USD 76 per barrel in Q1 2025 [7]. - The WTI to WCS differential averaged USD 10.2 per barrel during Q2 2025, benefiting from the TMX pipeline expansion [8]. - Natural gas prices in Canada remained weak, with an average AECO gas price of CAD 1.7 per Mcf [9]. Group 6: Sustainability and ESG Performance - IPC released its sixth annual Sustainability Report, detailing its sustainability initiatives and progress [18]. - The company targets a reduction of net GHG emissions intensity by 50% from its 2019 baseline by the end of 2025 [19].