Cardinal Energy Ltd.

Cardinal Energy Ltd.

8.49
EUR
+0.11
(+1.25%)
0.23EPS
28.56P/E
1.17BMarket Cap
Nov 05Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
2.95
4.74
3.03
2.8
3.37
3.34
3.4
2
3.12
4.82
3.77
3.85
3.36
3.97
Basic EPS, GAAP
2.9
1.23
-1.63
-1.25
-0.61
0.53
-0.3
-3.2
1.98
1.97
0.66
0.68
0.13
0.38
Free Cash Flow per Basic Share
-18.79
-8.71
-1.58
-0.09
-3.09
0.14
0.47
0.11
0.48
1.41
0.64
1.56
1.26
1.11
Dividend per Share
- -
0.67
0.78
0.4
0.43
0.41
0.16
0.03
- -
0.33
0.73
0.73
0.72
0.73
Book Value per Share
9.66
13.16
10.45
8.78
6.77
6.82
6.49
3.07
4.78
5.94
5.82
5.77
5.2
5.52
Tangible Book Value per Share
9.66
13.16
10.45
8.78
6.77
6.82
6.49
3.07
4.78
5.94
5.82
5.77
5.2
5.52
Basic Weighted Avg Shares
12
44
59
70
94
115
115
113
144
154
158
159
160
166
Sales/Revenue/Turnover
36
207
178
196
317
383
392
226
449
742
594
611
538
660
Operating Margin (%)
-1.82
14.84
-26.56
-23.59
1.46
11.5
12.86
-5.93
24.24
34.8
23.28
25.42
18.17
26.88
Depreciation Expense
11
61
86
83
95
88
92
67
79
102
104
105
109
125
Net Income, GAAP
35
54
-96
-87
-58
61
-34
-363
284
303
104
108
21
63
Effective Tax Rate (%)
- -
23.57
- -
- -
- -
29.57
- -
- -
- -
- -
23.69
23.8
24.75
24.62
Profit Margin (%)
98.46
26.03
-53.85
-44.57
-18.17
15.79
-8.77
-160.37
63.38
40.8
17.45
17.73
3.86
9.55
Working Capital
-1
32
18
-33
-21
2
-85
-26
-30
-40
-49
-62
-51
-49
LT Debt
9
48
137
108
266
260
177
237
156
34
49
89
241
134
Total Equity
337
748
680
651
750
793
738
373
719
925
921
918
835
970
Return on Invested Capital (%)
- -
9.37
- -
- -
- -
8.07
- -
- -
47.6
- -
11.16
11.96
3.45
12.11
Return on Capital (%)
- -
9.54
- -
- -
- -
6.69
- -
- -
40.11
- -
11.16
12.08
3.17
7.09
Return on Common Equity (%)
17.68
9.92
-13.43
-13.12
-8.22
7.85
-4.49
-65.39
52.09
36.81
11.22
11.78
2.37
6.73

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2
2
2
LT Borrowings
239
165
130
LT Finance Leases
3
3
3
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
161
175
176
Market Capitalization
1,391
2,011
1,901

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
59
89
85
Cash, Cash Equivalents & STI
- -
- -
- -
Accounts Receivable, Net
54
83
75
Inventories
- -
- -
- -
Total Current Liabilities
110
129
133
Payables & Accruals
101
113
125
ST Debt
2
2
2
Deferred Revenue
- -
- -
- -

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.2%
22.35%
-9.02%
Free Cash Flow
539.65%
151.76%
-18.47%
Net Income, GAAP
23.88%
-62.78%
-80.8%
Sales/Revenue/Turnover
18.73%
26.91%
-11.91%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
141
171
149
149
611
2025
151
129
128
131
538
2026
168
233
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
0.26
0.16
0.16
0.68
2025
0.13
0.1
0.09
-0.19
0.13
2026
0.06
0.39
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.18
0.18
0.18
0.73
2025
0.18
0.18
0.18
0.18
0.72
2026
0.18
0.18
- -
- -
- -

Company Description

CEO
Michael Scott Ratushny
Full Time Employees
177
Sector
Energy minerals
Industry
Oil & gas production
Address
400-3rd Avenue SW Calgary AB Canada T2P 4H2
IPO Date
Dec 10, 2013
Business
Cardinal Energy Ltd. is a Canadian oil and natural gas company primarily engaged in the acquisition, exploration, development, optimization, and production of petroleum and natural gas, focusing on low-decline oil assets in Western Canada, particularly in the provinces of Alberta and Saskatchewan. Its core products include light, medium, and heavy crude oil, natural gas liquids (NGL), and conventional natural gas. Cardinal employs enhanced oil recovery techniques, including steam-assisted gravity drainage (SAGD) at its Reford Thermal Project in Saskatchewan, which is a key part of its development strategy. The company markets its production mainly through crude oil and natural gas sales. Cardinal Energy operates through several well-established oil and gas resource areas with a focus on sustainable production and maintaining a low-decline asset base. It offers production mainly from Wainwright and surrounding areas in Alberta and from the Reford Thermal Project in Saskatchewan. The company also targets the development of oil sands thermal recovery projects and conventional oil assets, supporting growth with strategic acquisitions. In the last two years, Cardinal Energy has made significant strides including the 2023 acquisition of additional Clearwater potential locations adding around 2 million barrels of proved developed producing reserves and approximately 900 barrels of oil equivalent per day (boe/d) production starting late 2023. In 2021, it completed a major acquisition of Venturion Oil Limited, which added around 2,400 boe/d of production primarily focused on central Alberta, enhancing operational scale and cost efficiency. In 2024 and 2025, Cardinal commenced steam injection at the Reford Thermal Project, applying thermal recovery techniques to boost production and asset value significantly. The company also executed a $60 million bought deal offering of senior subordinated unsecured debentures and common share purchase warrants, enhancing financial flexibility. Cardinal continues to declare monthly dividends, reflecting its stable cash flow from oil production. Founded in 2006 and headquartered in Calgary, Alberta, Cardinal Energy delivers value through focused resource development, strategic acquisitions, and technological application in thermal oil recovery. The company targets investors seeking exposure to a liquids-rich Canadian oil producer specializing in low-decline production with stable cash flow generation. Cardinal Energy’s operations, product portfolio, and recent strategic initiatives position it as a growth-focused intermediate Canadian oil and gas producer with expanding thermal oil assets and a diversified production base in Western Canada. The company continuously leverages acquisitions and innovative recovery methods to enhance its reserve life and production volumes while maintaining shareholder returns via dividends. This description reflects the company’s main products, geographic focus, recent strategic acquisitions, and operational developments reported up to late 2025.

Company News

  • Cardinal Energy Ltd. Proceeding with Reford 2 Expansion and Announces Monthly Dividend for September

  • Cardinal Energy Ltd. Announces Monthly Dividend for August

  • Cardinal Energy: A Dividend Producer Becoming A Thermal Compounder

  • Cardinal Energy Ltd. Announces Second Quarter 2026 Operating and Financial Results

  • Cardinal Energy Ltd. Announces Monthly Dividend for July

  • Cardinal Energy Ltd. Announces Monthly Dividend for June

  • Cardinal Energy Ltd. Announces Monthly Dividend for May

  • Cardinal Energy Ltd. Announces Results of Director Elections

  • Cardinal Energy Ltd. Announces First Quarter 2026 Results, Executive Changes, and Increases to 2026 Capital Budget

  • Cardinal Energy: Robust Fundamentals, Growth Prospects, Valuation Confirm A Buy

  • Cardinal Energy Ltd. Announces Monthly Dividend for April

  • Cardinal Energy: Gearing Up For A Strong 2026, Even At $75 Oil

  • Cardinal Energy Ltd. Announces Fourth Quarter 2025 and Year-End Financial Results

  • Cardinal Energy Ltd. Announces Monthly Dividend for March

  • Cardinal Energy (CRLFF) Expected to Announce Quarterly Earnings on Monday

  • Cardinal Energy Ltd. Announces 2025 Year-End Reserves

  • Cardinal Energy (OTCMKTS:CRLFF) Trading Up 0.9% – Here’s Why

  • Cardinal Energy Ltd. Announces Monthly Dividend for February

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

  • Cardinal Provides an Update on the Operation of Its Thermal Business Unit and the De-Risking of Several Thermal Projects