Declared Dividend • Jun 16
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 6.9%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 11x earnings) nor is it covered by cash flows (dividend approximately 8x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,182% to bring the payout ratio under control. EPS is expected to grow by 113% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Declared Dividend • May 20
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 29th May 2026 Payment date: 15th June 2026 Dividend yield will be 5.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 11x earnings) nor is it covered by cash flows (dividend approximately 8x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,182% to bring the payout ratio under control. EPS is expected to grow by 113% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • Feb 25
Cardinal Energy Ltd., Annual General Meeting, May 07, 2026 Cardinal Energy Ltd., Annual General Meeting, May 07, 2026. Annuncio • Feb 04
Cardinal Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 95.15 million. Cardinal Energy Ltd. has completed a Follow-on Equity Offering in the amount of CAD 95.15 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 11,000,000
Price\Range: CAD 8.65
Discount Per Security: CAD 0.346
Transaction Features: Rule 144A Annuncio • Jan 29
Cardinal Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 86.5 million. Cardinal Energy Ltd. has filed a Follow-on Equity Offering in the amount of CAD 86.5 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: CAD 8.65
Transaction Features: Rule 144A Annuncio • Jan 27
Cardinal Energy Ltd. Provides an Update on Its Thermal Evaluation and Development Program and the Advancement of Two Future Thermal Projects Cardinal Energy Ltd. provided an update on its thermal evaluation and development program and the advancement of two future steam-assisted gravity drainage oil development projects - ("Reford 2") and ("Kelfield"). These projects build on the success and technical foundation of the Company's Reford 1 SAGD development ("Reford 1") aligning with Cardinal's strategy to responsibly grow its thermal portfolio in high-quality, long-life reservoirs. Cardinal''s THERMAL STRATEGY. Leveraging the execution learnings, production performance, and subsurface insights gained from Reford 1, the Company has initiated a comprehensive technical program on two further prospects within its land base. This de-risking work includes re-processing and re-interpreting of existing, and acquiring new, 3D seismic data to improve channel resolution and reservoir continuity mapping, re-evaluating historical stratigraphic wells and core using updated petrophysical workflows. The company also have drilled new stratigraphic wells, integrating production learnings from Reford 1, to refine initial development planning and have developed updated reservoir models to continue working up resource size and expected SAGD deliverability. operational and STRATEGIC OUTLOOK. Cardinal's thermal growth plans continue to benefit from a strong working relationship with the Government of Saskatchewan. Cardinal remains committed to responsible development, ongoing community engagement, environmental stewardship, and rigorous safety standards across all operations. Annuncio • Jan 22
Cardinal Energy Ltd. Provides Production Guidance for the Year 2026 Cardinal Energy Ltd. provided production guidance for the year 2026. For the year, the company is forecasting average annual production of 25,000 boe/d to 25,500 boe/d for 2026, which represents 15% growth from average volumes delivered in 2025, with Reford contributing to a full year of operations. Annuncio • Jan 13
Cardinal Energy Ltd. Announces Dividend for the Month of January, Payable on February 17, 2026 Cardinal Energy Ltd. confirmed that the January dividend of $0.06 per common share will be paid on February 17, 2026 to shareholders of record on January 30, 2026. The Board of Directors of Cardinal has declared the dividend payable in cash. Declared Dividend • Dec 30
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 8.9%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (150% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 67% to bring the payout ratio under control. EPS is expected to grow by 9.3% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Aug 30
Chairman & CEO recently bought €227k worth of stock On the 29th of August, M. Ratushny bought around 50k shares on-market at roughly €4.55 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. M. has been a buyer over the last 12 months, purchasing a net total of €500k worth in shares. Declared Dividend • Aug 18
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 29th August 2025 Payment date: 15th September 2025 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (131% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. However, EPS is expected to decline by 97% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • May 13
Cardinal Energy Ltd. Announces Dividend for the Month of May 2025, Payable on June 16, 2025 Cardinal Energy Ltd. confirms that its May 2025 dividend of $0.06 per common share will be paid on June 16, 2025 to shareholders of record on May 30, 2025. Annuncio • Apr 15
Cardinal Energy Ltd. Announces Monthly Cash Dividend for April 2025, Payable on May 15, 2025 Cardinal Energy Ltd. confirmed that April dividend of $0.06 per common share will be paid on May 15, 2025 to shareholders of record on April 30, 2025. The Board of Directors of Cardinal has declared the dividend payable in cash. Annuncio • Feb 26
Cardinal Energy Ltd., Annual General Meeting, May 09, 2025 Cardinal Energy Ltd., Annual General Meeting, May 09, 2025. Annuncio • Feb 13
Cardinal Energy Ltd. Announces Monthly Dividend for February 2025, Payable on March 17, 2025 Cardinal Energy Ltd. confirmed that February 2025 dividend of $0.06 per common share will be paid on March 17, 2025 to shareholders of record on February 28, 2025. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Annuncio • Jan 03
Cardinal Energy Ltd. has completed a Composite Units Offering in the amount of CAD 50 million. Cardinal Energy Ltd. has completed a Composite Units Offering in the amount of CAD 50 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 50,000
Price\Range: CAD 1000
Discount Per Security: CAD 40
Security Name: Units
Security Type: Equity/Derivative Unit
Price\Range: CAD 1000
Discount Per Security: CAD 20 Declared Dividend • Nov 16
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 29th November 2024 Payment date: 16th December 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (111% earnings payout ratio) nor is it covered by cash flows (136% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control. EPS is expected to grow by 13% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Nov 12
Independent Director recently bought €167k worth of stock On the 11th of November, John Brussa bought around 40k shares on-market at roughly €4.18 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €467k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: CA$0.16 (vs CA$0.25 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.16 (down from CA$0.25 in 3Q 2023). Revenue: CA$121.0m (down 13% from 3Q 2023). Net income: CA$25.1m (down 36% from 3Q 2023). Profit margin: 21% (down from 28% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Oct 21
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 31st October 2024 Payment date: 15th November 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.4% to bring the payout ratio under control. However, EPS is expected to remain steady over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • Oct 12
Cardinal Energy Ltd. Announces Dividend for the Month of October 2024, Payable on November 15, 2024 Cardinal Energy Ltd. confirmed that October dividend of $0.06 per common share will be paid on November 15, 2024 to shareholders of record on October 31, 2024. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. New Risk • Sep 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 139% Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (23% net profit margin). Declared Dividend • Sep 15
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.4% to bring the payout ratio under control. EPS is expected to grow by 24% over the next year, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Aug 16
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 30th August 2024 Payment date: 16th September 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.4% to bring the payout ratio under control. EPS is expected to grow by 24% over the next year, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: CA$0.26 (vs CA$0.17 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.26 (up from CA$0.17 in 2Q 2023). Revenue: CA$144.8m (up 29% from 2Q 2023). Net income: CA$40.7m (up 47% from 2Q 2023). Profit margin: 28% (up from 25% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 26
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 15 August 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.6%). Declared Dividend • Jul 12
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 31st July 2024 Payment date: 15th August 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (160% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. EPS is expected to grow by 28% over the next year, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Jun 14
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (160% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control, which is more than the 5.7% EPS growth achieved over the last 5 years. Annuncio • Jun 13
Cardinal Energy Ltd. Announces Dividend for the Month of June 2024, Payable on July 15, 2024 Cardinal Energy Ltd. confirmed that its June 2024 dividend of $0.06 per common share will be paid on July 15, 2024 to shareholders of record on June 28, 2024. Declared Dividend • May 20
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 31st May 2024 Payment date: 14th June 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) nor is it covered by cash flows (159% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control. EPS is expected to grow by 2.2% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$0.11 (vs CA$0.10 in 1Q 2023) First quarter 2024 results: EPS: CA$0.11 (up from CA$0.10 in 1Q 2023). Revenue: CA$114.7m (up 3.8% from 1Q 2023). Net income: CA$16.8m (up 2.6% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.2%). Upcoming Dividend • Apr 24
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.2%). Declared Dividend • Apr 12
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 29th April 2024 Payment date: 15th May 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. However, EPS is expected to decline by 28% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Apr 08
Independent Director recently bought €129k worth of stock On the 4th of April, John Brussa bought around 27k shares on-market at roughly €4.77 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €773k more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.4%). Declared Dividend • Mar 18
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 29% over the next 2 years. However, it would need to fall by 36% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: CA$0.66 (vs CA$1.97 in FY 2022) Full year 2023 results: EPS: CA$0.66 (down from CA$1.97 in FY 2022). Revenue: CA$482.2m (down 19% from FY 2022). Net income: CA$103.6m (down 66% from FY 2022). Profit margin: 22% (down from 51% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 27
Cardinal Energy Ltd., Annual General Meeting, May 10, 2024 Cardinal Energy Ltd., Annual General Meeting, May 10, 2024. Upcoming Dividend • Feb 21
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 11%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • Feb 19
Dividend of CA$0.06 announced Shareholders will receive a dividend of CA$0.06. Ex-date: 28th February 2024 Payment date: 15th March 2024 Dividend yield will be 11%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 58% over the next 2 years. Since a fall of 36% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Annuncio • Feb 13
Cardinal Energy Ltd. Confirms Monthly Dividend for February, Payable on March 15, 2024 Cardinal Energy Ltd. announced that its February dividend of $0.06 per common share will be paid on March 15, 2024, to shareholders of record on February 29, 2024. Upcoming Dividend • Jan 23
Upcoming dividend of CA$0.06 per share at 11% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 15 February 2024. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 11%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (3.2%). Annuncio • Jan 09
Cardinal Energy Ltd. Confirms Monthly Dividend for January , Payable on February 15, 2024 Cardinal Energy Ltd. confirmed monthly dividend of $0.06 per common share will be paid on February 15, 2024 to shareholders of record on January 31, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.06 per share at 12% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 12%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.1%). Recent Insider Transactions • Dec 14
Independent Director recently bought €87k worth of stock On the 5th of December, John Brussa bought around 20k shares on-market at roughly €4.37 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €160k. Insiders have collectively bought €832k more in shares than they have sold in the last 12 months. Annuncio • Dec 12
Cardinal Energy Ltd. Confirms December Dividend, Payable on January 15, 202 Cardinal Energy Ltd. confirmed that December dividend of $0.06 per common share will be paid on January 15, 2024 to shareholders of record on December 29, 2023. Upcoming Dividend • Nov 22
Upcoming dividend of CA$0.06 per share at 11% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 11%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Nov 10
Independent Director recently bought €160k worth of stock On the 8th of November, John Brussa bought around 35k shares on-market at roughly €4.58 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €662k more in shares than they have sold in the last 12 months. Annuncio • Nov 09
Cardinal Energy Ltd. Announces Board Changes Cardinal Energy Ltd. announced the retirement of David Johnson from its board of directors. Johnson has been with Cardinal since inception and has provided constant guidance and input in helping to build the business, stated the company. The company appointed John Festival to the board. Festival has had a 35+ year career of discovering and developing heavy oil and thermal projects. He started at Home Oil Company and worked in Lloydminster as an engineer at the Kitscoty Cyclic Steam Project. He then joined Koch Exploration Canada Corporation and alongside a technical team established operations across all the heavy oil regions of Western Canada. At the time, Koch was the largest leaseholder in the Alberta oilsands, including operatorship of the Fort Hills mine asset. Festival and the senior technical team from Koch moved on to BlackRock Ventures Inc. where they discovered primary heavy oil in the Seal area of Alberta. They also piloted and initiated the Orion SAGD Project, one of the first SAGD projects in the Clearwater zone which continues to operate now. In 2019, Festival was appointed CEO of Broadview, a Saskatchewan thermal development company. Cardinal acquired the Broadview assets in April 2023. As well as becoming a board member, Festival will be representing the shareholders on the reserves, audit and environment, social and governance (ESG) committees. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: CA$0.25 (vs CA$0.21 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.25 (up from CA$0.21 in 3Q 2022). Revenue: CA$139.9m (down 1.2% from 3Q 2022). Net income: CA$39.2m (up 19% from 3Q 2022). Profit margin: 28% (up from 23% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 170% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 23
Upcoming dividend of CA$0.06 per share at 9.2% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 15 November 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.2%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.6%). Annuncio • Oct 11
Cardinal Energy Ltd. Announces Monthly Dividend for October, Payable on November 15, 2023 Cardinal Energy Ltd. confirmed that October dividend of $0.06 per common share will be paid on November 15, 2023 to shareholders of record on October 31, 2023. Recent Insider Transactions • Oct 06
Independent Director recently bought €119k worth of stock On the 4th of October, John Brussa bought around 25k shares on-market at roughly €4.77 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €502k more in shares than they have sold in the last 12 months. Annuncio • Oct 05
Cardinal Energy Ltd. (TSX:CJ) acquired Working Interests in a Light oil Unit and Approximately 500 bbl/d Heavy Oil Production for CAD 25 million. Cardinal Energy Ltd. (TSX:CJ) acquired Working Interests in a Light oil Unit and Approximately 500 bbl/d Heavy Oil Production for CAD 25 million on October 3, 2023. The acquisition includes the consolidation of working interests in an existing, operated, long-life light oil unit (Mitsue, Alberta), and approximately 500 bbl/d of Clearwater (Buffalo-Figure Lake, Alberta) heavy oil production with up to 25 associated development drilling locations. Cardinal used existing bank lines to fund the purchase price for the acquisition and expects the incremental debt incurred from this acquisition will be repaid prior to year-end from fourth quarter free cash flow.
Cardinal Energy Ltd. (TSX:CJ) completed the acquisition of Working Interests in a Light oil Unit and Approximately 500 bbl/d Heavy Oil Production on October 3, 2023. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.06 per share at 9.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 9.9%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.4%). Annuncio • Sep 12
Cardinal Energy Ltd. Announces Monthly Dividend for September, Payable on October 16, 2023 Cardinal Energy Ltd. confirmed that September dividend of $0.06 per common share will be paid on October 16, 2023 to shareholders of record on September 29, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.06 per share at 10% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (2.5%). Annuncio • Aug 11
Cardinal Energy Ltd. Announces Monthly Dividend for August , Payable on September 15, 2023 Cardinal Energy Ltd. announced that August dividend of $0.06 per common share will be paid on September 15, 2023 to shareholders of record on August 31, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: CA$0.18 (vs CA$0.64 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.18 (down from CA$0.64 in 2Q 2022). Revenue: CA$112.1m (down 39% from 2Q 2022). Net income: CA$27.7m (down 72% from 2Q 2022). Profit margin: 25% (down from 54% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 156% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of CA$0.06 per share at 10% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Annuncio • Jul 12
Cardinal Energy Ltd. Confirms July 2023 Dividend, Payable on August 15, 2023 Cardinal Energy Ltd. confirms that July dividend of $0.06 per common share will be paid on August 15, 2023 to shareholders of record on July 31, 2023. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.06 per share at 11% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Annuncio • Jun 09
Cardinal Energy Ltd. Confirms June 2023 Dividend, Payable on July 14, 2023 Cardinal Energy Ltd. confirmed that the company's June 2023 dividend of $0.06 per common share will be paid on July 14, 2023 to shareholders of record on June 30, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Upcoming Dividend • May 23
Upcoming dividend of CA$0.06 per share at 10% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Recent Insider Transactions • May 18
Independent Director recently bought €177k worth of stock On the 15th of May, John Brussa bought around 40k shares on-market at roughly €4.44 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.0m more in shares than they have sold in the last 12 months. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: CA$0.10 (vs CA$0.38 in 1Q 2022) First quarter 2023 results: EPS: CA$0.10 (down from CA$0.38 in 1Q 2022). Revenue: CA$110.4m (down 22% from 1Q 2022). Net income: CA$16.3m (down 72% from 1Q 2022). Profit margin: 15% (down from 41% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 3.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has increased by 160% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • May 09
Cardinal Energy Ltd. Announces Monthly Dividend for May, Payable on June 15, 2023 Cardinal Energy Ltd. confirms that May dividend of $0.06 per common share will be paid on June 15, 2023 to shareholders of record on May 31, 2023. Upcoming Dividend • Apr 20
Upcoming dividend of CA$0.06 per share at 9.6% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 9.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.7%). Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.06 per share at 9.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 9.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Recent Insider Transactions • Mar 17
Independent Director recently bought €91k worth of stock On the 15th of March, John Brussa bought around 20k shares on-market at roughly €4.54 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €96k. Insiders have collectively bought €437k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 15
Full year 2022 earnings released: EPS: CA$1.97 (vs CA$1.98 in FY 2021) Full year 2022 results: EPS: CA$1.97. Revenue: CA$595.8m (up 62% from FY 2021). Net income: CA$302.7m (up 6.4% from FY 2021). Profit margin: 51% (down from 77% in FY 2021). The decrease in margin was driven by higher expenses. Gas sales price Average sales price/mcf: US$5.65 Combined production and costs Oil equivalent production: 7.837 MMboe (6.968 MMboe in FY 2021) Average production cost/Boe: US$24.88 (US$22.22/Boe in FY 2021) Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.8%. Upcoming Dividend • Feb 20
Upcoming dividend of CA$0.06 per share at 10.0% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 10.0%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.4%). Annuncio • Feb 15
Cardinal Energy Ltd. Declares Dividend for February 2023, Payable on March 15, 2023 Cardinal Energy Ltd. confirmed that February dividend of $0.06 per common share will be paid on March 15, 2023 to shareholders of record on February 28, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Upcoming Dividend • Jan 23
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 15 February 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 9.3%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.2%). Annuncio • Jan 10
Cardinal Energy Ltd. Announces Monthly Dividend for January 2023, Payable on February 15, 2023 Cardinal Energy Ltd. confirmed that January dividend of $0.06 per common share will be paid on February 15, 2023 to shareholders of record on January 31, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 16 January 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 9.9%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.2%). Recent Insider Transactions • Dec 21
Independent Director recently bought €96k worth of stock On the 19th of December, John Brussa bought around 20k shares on-market at roughly €4.81 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €103k. Insiders have collectively bought €375k more in shares than they have sold in the last 12 months. Buying Opportunity • Dec 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €5.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 82%. Annuncio • Dec 13
Cardinal Energy Ltd. Announces Monthly Dividend for December, Payable on January 16, 2023 Cardinal Energy Ltd. announced that its December dividend of $0.06 per common share will be paid on January 16, 2023 to shareholders of record on December 30, 2022. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an 'eligible dividend' for Canadian income tax purposes. Recent Insider Transactions • Dec 10
Independent Director recently bought €103k worth of stock On the 7th of December, John Brussa bought around 20k shares on-market at roughly €5.15 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €279k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 22
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (0.9%). Recent Insider Transactions • Nov 19
Insider recently sold €64k worth of stock On the 15th of November, Ken Younger sold around 10k shares on-market at roughly €6.42 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €176k more than they sold in the last 12 months. Annuncio • Nov 15
Cardinal Energy Ltd. Announces Monthly Dividend for November 2022, Payable on December 15, 2022 Cardinal Energy Ltd. confirmed that November dividend of $0.06 per common share will be paid on December 15, 2022 to shareholders of record on November 30, 2022. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: CA$0.21 (vs CA$1.76 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.21 (down from CA$1.76 in 3Q 2021). Revenue: CA$142.3m (up 44% from 3Q 2021). Net income: CA$33.0m (down 87% from 3Q 2021). Profit margin: 23% (down from 266% in 3Q 2021). Revenue is expected to fall by 8.0% p.a. on average during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 21
Upcoming dividend of CA$0.06 per share Eligible shareholders must have bought the stock before 28 October 2022. Payment date: 15 November 2022. Trailing yield: 8.5%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (1.0%). Annuncio • Oct 12
Cardinal Energy Ltd. Announces Monthly Dividend for October, Payable on November 15, 2022 Cardinal Energy Ltd. confirms that October dividend of $0.06 per common share will be paid on November 15, 2022 to shareholders of record on October 31, 2022. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 20% share price gain to €6.25, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 12x in the Oil and Gas industry in Germany. Total returns to shareholders of 334% over the past three years. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.05 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 17 October 2022. Trailing yield: 7.7%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (1.2%). Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.05 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 15 September 2022. Trailing yield: 7.2%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.1%). Annuncio • Aug 11
Cardinal Energy Ltd. Announces Monthly Dividend for August, Payable on September 15, 2022 Cardinal Energy Ltd. confirmed that the August dividend of $0.05 per common share will be paid on September 15, 2022 to shareholders of record on August 31, 2022. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: CA$0.64 (vs CA$0.063 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.64 (up from CA$0.063 in 2Q 2021). Revenue: CA$185.1m (up 123% from 2Q 2021). Net income: CA$98.6m (up CA$89.5m from 2Q 2021). Profit margin: 53% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 55%, compared to a 36% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 67% per year whereas the company’s share price has increased by 64% per year. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 20% share price gain to €6.70, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 16x in the Oil and Gas industry in Germany. Total returns to shareholders of 347% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of CA$0.05 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 15 August 2022. Trailing yield: 7.6%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.3%).