Cardinal Energy Ltd. Announces Third Quarter 2026 Operating and Financial Results

Calgary, Alberta--(Newsfile Corp. - November 5, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") is pleased to announce its operating and financial results for the third quarter ended September 30, 2026.

FINANCIAL AND OPERATING HIGHLIGHTS FROM THE THIRD QUARTER OF 2026 * Third quarter 2026 production of 25,127 boe/d increased 21% compared to the same period in 2025 due to crude oil production additions from the Reford steam-assisted gravity drainage ("SAGD") project; * Adjusted funds flow((1)) in the third quarter of 2026 was $117.8 million, an increase of 149% compared to the same period in 2025, driven by the meaningful year-over-year production growth as well as a 32% increase in WTI oil prices over that timeframe; * Free cash flow((1)) was $57.9 million in the third quarter of 2026, an increase of 176% compared to the same period in 2025. Free cash flow was used to pay our corporate dividend and continue to reduce bank indebtedness; * Net operating expenses((1)) per boe decreased 10% to $21.70/boe in the third quarter compared to the same period in 2025 reflecting the addition of lower cost Reford 1 volumes that continue to drive operating cost efficiencies that have been stronger than forecasted at the corporate level; * Exit third quarter net debt((1)) of $154.9 million frames a reduction of 10% from levels in the second quarter of 2026. Cardinal's net debt to adjusted funds flow ratio((1)) improved to 0.4x on a 12-month trailing basis. Further, at the end of the third quarter, the Company was drawn $9.4 million or 3% of our current $275 million credit facilities; * Cardinal remained active through the third quarter of 2026, investing $60.4 million of capital which included milestone payments for the Reford 2 SAGD project and the drilling of 14 (13.5 net) wells that consisted of oil producers, injectors and stratigraphic tests. We also continued with our conventional well reactivation program and the purchase of CO(2) at our enhanced oil recovery project at Midale, Saskatchewan; and * Cardinal remains committed to our shareholder return strategy with its consistent $0.06 per share per month dividend leading to $32.2 million being returned to shareholders in the third quarter of 2026. This implies a 78% total payout ratio((1)), which is meaningfully improved from the same time last year due to the addition of full Reford 1 production volumes and strengthening oil prices.