Cardinal Energy Ltd. Hosts Reford SAGD Project Ribbon Cutting Ceremony with Saskatchewan Premier Scott Moe

Executive Summary

• Cardinal Energy Ltd. held a ribbon‑cutting ceremony to officially open the Reford Steam‑Assisted Gravity Drainage (SAGD) facility in Saskatchewan, a 6,000 bbl/d thermal oil project.
• The launch is presented as a “step change” for the company’s production profile, cash flow generation and corporate breakeven costs, with expectations of long‑term royalty revenue for the province.
• Senior government officials (Premier Scott Moe, Energy & Resources Minister Colleen Young) attended, underscoring provincial support and signaling confidence in the project’s economic impact.

Key Details

• Project Capacity: 6,000 barrels per day of oil production from the Reford SAGD facility.
• Location: Saskatchewan, Canada – new thermal fairway development.
• Ceremonial Attendees: Premier Scott Moe, Minister Colleen Young, provincial MLAs, Cardinal executives (Chairman & CEO Scott Ratushny, Heath Williamson), and partners from Propak and other stakeholders.
• Strategic Significance: Described as an “exciting step change” in production, cash flow, and corporate breakeven costs; expected to enhance Cardinal’s long‑term outlook at mid‑cycle oil prices.
• Economic Impact: Anticipated creation of direct jobs, increased ancillary service activity, and decades of predictable royalty revenue for Saskatchewan.
• Future Outlook: Management indicated plans to announce additional project completions as market conditions permit, expanding the company’s inventory of Saskatchewan thermal projects.

Notable Quotes

• Premier Scott Moe: “Investments like this strengthen our economy… support our goal of producing 600,000 barrels of oil per day by 2030.”
• Minister Colleen Young: “Cardinal Energy is helping to ensure that our province remains a dependable source of sustainable and responsibly produced energy for decades to come.”
• Scott Ratushny, Chairman & CEO: “We thank the Saskatchewan government for a supportive regulatory environment… we look forward to announcing the completion of additional projects in the future.”