Mr. Scott Ratushny reports

CARDINAL ENERGY LTD. ANNOUNCES MONTHLY DIVIDEND FOR JUNE AND THE RELEASE OF OUR 2022 ESG REPORT

Cardinal Energy Ltd. has confirmed that its June dividend of six cents per common share will be paid on July 14, 2023, to shareholders of record on June 30, 2023. The board of directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an eligible dividend for Canadian income tax purposes.

Cardinal has released the company's 2022 environmental, social and governance (ESG) report today, which outlines the company's commitment to operating in a responsible and sustainable manner, setting out its initiatives and outlining its progress in providing sustainable production, positive environmental performance, and top tier shareholder returns. The company's strong corporate emissions performance has continued in 2023 with continuing CO2 (carbon dioxide) sequestration in Saskatchewan and further implementation of projects aimed at reducing emissions from the company's operations across Alberta, Saskatchewan and British Columbia. The company's safety record continues to be in the top tier of the industry, as is Cardinal's regulatory compliance level. The company will continue with its commitment to reduce its environmental footprint with $23-million in its 2023 budget for asset retirement obligations (ARO), more than 2.5 times the company's required regulatory spend requirements. The ESG report is available on the Cardinal website.

Cardinal has been closely monitoring the northern Alberta wildfires. With the situation improving, the company has brought back on much of its production that was curtailed in response, and expect that all affected production will be back on by June 30, 2023. The company estimates that the wildfires will impact its second quarter production average by approximately 750 boe/d (barrels of oil equivalent per day) or 3.5 per cent of forecasted production for the quarter.

About Cardinal Energy Ltd.

Cardinal works to continually improve its environmental, social and governance profile, and operates its assets in a responsible and environmentally sensitive manner. As part of this mandate, Cardinal injects and conserves more carbon than it directly emits making the company one of the few Canadian energy companies to have a negative carbon footprint.

Cardinal is a Canadian oil and natural gas company with operations focused on low-decline oil in Western Canada.

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