Mr. Scott Ratushny reports

CARDINAL ENERGY LTD. HOSTS REFORD SAGD PROJECT RIBBON CUTTING CEREMONY WITH SASKATCHEWAN PREMIER SCOTT MOE

There has been a ceremonial opening of Cardinal Energy Ltd.'s Reford steam-assisted gravity drainage oil project in Saskatchewan. To celebrate this significant milestone for the company and the province, Cardinal hosted a ribbon cutting ceremony that included Saskatchewan Premier Scott Moe and Saskatchewan Minister of Energy and Resources Colleen Young, alongside several key partners that were instrumental in the planning, regulatory process, construction, commissioning and operation of this new 6,000-barrel-per-day project.

Developing a new thermal fairway in Saskatchewan is expected to bring long-term benefits to Cardinal, its shareholders and stakeholders, and the local community, and demonstrate the compelling investment destination that Saskatchewan is. This project has already added direct job opportunities, has elevated economic activity for ancillary services provided in the local community, and will generate decades of meaningful and predictable royalty revenue for the Province of Saskatchewan.

"This project highlights the leadership that Western Canadian companies bring to the energy sector," Mr. Moe said. "Investments like this strengthen our economy, ensure Saskatchewan remains a dependable source of sustainable and responsibly produced energy, and support our goal of producing 600,000 barrels of oil per day by 2030."

Ms. Young said, "By advancing new projects and growing production, 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, Cardinal's chairman and chief executive officer, commented: "Cardinal would like to thank Premier Moe and the Saskatchewan government for delivering a supportive regulatory and business environment that enabled us to complete this project on time and on budget. The constructive engagement that the government extended to our company gives Saskatchewan a clear competitive advantage in developing projects like Reford. We look forward to announcing the completion of additional projects in the future."

For Cardinal and its shareholders, the Reford SAGD project represents an exciting step change in production, cash flow and corporate break-even costs that offers distinguished upside at mid-cycle oil prices, while also better insulating the company in challenging oil price environments. The company's growing inventory of Saskatchewan thermal projects are poised to further enhance Cardinal's long-term outlook, and the company looks forward to advancing them as market conditions permit.

About Cardinal Energy Ltd.

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

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