TSX:CJOil and Gas
What Cardinal Energy (TSX:CJ)'s Upsized Equity Raise and Reford 2 Sanctioning Means For Shareholders
In late January 2026, Cardinal Energy Ltd. upsized its bought-deal follow-on equity offering to CA$95.15 million at CA$8.65 per share, while advancing its Reford 2 steam-assisted gravity drainage oil project and updating 2026 guidance around these thermal assets.
This combination of fresh equity capital and the formal sanctioning of a long-life Reford 2 development marks a significant step in expanding Cardinal’s thermal oil portfolio and funding its growth plans while addressing debt.
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