Cardinal Energy reports Q3 results

* Cardinal Energy press release [https://seekingalpha.com/pr/20298316-cardinal-energy-ltd-announces-third-quarter-2025-operating-and-financial-results] (CJ:CA [https://seekingalpha.com/symbol/CJ:CA]): Q3 Earnings per share of C$0.09
* Petroleum and natural gas revenue of C$127,021K (-14% Y/Y)
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OUTLOOK

Cardinal successfully completed its first thermal oil facility on budget and ahead of schedule in the quarter. As we begin to move from the reservoir warm-up phase to the production phase of SAGD we are pleased with the initial results, with the steam conformance and initial oil quantities outperforming our model.

Our conventional assets continue to perform well despite limited capital spending in 2025. We expect to be able to reinvest in each of our four conventional business units in 2026 to restore the modest production declines in 2025, as we focused on our thermal assets.

We continue to acquire and derisk other opportunities both in the conventional and thermal business units. We expect to have a second thermal project sanction ready early next year contingent upon supportive market conditions.

Our 2026 budget will be a direct reflection of commodity prices in 2026 and as such we don't expect to announce it until we have more clarity on pricing over the next few months.

Cardinal's overall outlook improves significantly with the additional production from our Reford thermal asset in 2026. At US$65 WTI we expect the additional Reford production to add approximately $100 million of adjusted funds flow to the Company next year. The substantial increase in lower cost production is expected to improve our corporate cash breakeven point, strengthen the sustainability of our dividend, and set up Cardinal for future growth as commodity prices improve.

MORE ON CARDINAL ENERGY

* Cardinal Energy: Unsustainable Payout Ratio And Low Oil Prices Offset Its Expansion Plan [https://seekingalpha.com/article/4820816-cardinal-energy-unsustainable-payout-ratio-and-low-oil-prices-offset-its-expansion-plan]
* Cardinal Energy: Impressive Growth Ahead From Thermal Projects [https://seekingalpha.com/article/4820340-cardinal-energy-impressive-growth-ahead-from-thermal-projects]
* Seeking Alpha’s Quant Rating on Cardinal Energy [https://seekingalpha.com/symbol/CJ:CA/ratings/quant-ratings]
* Historical earnings data for Cardinal Energy [https://seekingalpha.com/symbol/CJ:CA/earnings]
* Dividend scorecard for Cardinal Energy [https://seekingalpha.com/symbol/CJ:CA/dividends/scorecard]