Mr. Shawn Van Spankeren reports

CARDINAL ENERGY LTD. ANNOUNCES UPSIZE TO PREVIOUSLY ANNOUNCED EQUITY FINANCING TO $95.15 MILLION

Cardinal Energy Ltd., as a result of strong demand, has agreed with the syndicate of underwriters co-led by RBC Capital Markets and CIBC Capital Markets, acting as joint bookrunners, to increase the size of its previously announced bought deal equity financing from $86.5-million to $95.15-million.

The underwriters have agreed to purchase for resale to the public, on a bought deal basis, 11 million common shares in the capital of the company at an issue price of $8.65 per common share for gross proceeds of $95.15-million. The company has granted the underwriters an overallotment option, exercisable by the underwriters in whole or in part, from time to time, at any time up to and including the date that is 30 days following the closing of the upsized offering, to purchase up to an additional 1.1 million common shares at the offering price. In the event that the overallotment option is exercised in full, the gross proceeds of the upsized offering will be approximately $104.67-million.

In all other respects, the terms and purpose of the upsized offering and use of proceeds therefrom will remain as previously disclosed in the Jan. 28, 2026, news release.

The upsized offering is anticipated to close on or about Feb. 4, 2026, which is after the Jan. 30, 2026, record date for the dividend that the company will pay to its shareholders on Feb. 17, 2026. Accordingly, if closing of the upsized offering occurs after Jan. 30, 2026, purchasers of the common shares under the upsized offering will not be eligible to receive the monthly dividend that will be paid by the company on Feb. 17, 2026, to shareholders of record on Jan. 30, 2026.

The common shares will be distributed in all provinces of Canada (other than the province of Quebec) by way of a prospectus supplement to the company's base shelf prospectus dated March 28, 2024, and by private placement in the United States to qualified institutional buyers pursuant to Rule 144A of the U.S. Securities Act of 1933.

Access to the base shelf prospectus, the prospectus supplement and any amendments to the documents are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment to the documents. The base shelf prospectus, the prospectus supplement (when filed) and any amendments to these documents may be accessed for free on SEDAR+. Alternatively, electronic or paper copies of the foregoing documents may be obtained, without charge, from: RBC Dominion Securities Inc., attention: distribution centre, 180 Wellington St. W (eighth floor), Toronto, Ont., M5J 0C2, or by e-mail at distribution.rbcds@rbccm.com; or CIBC Capital Markets, 161 Bay St. (fifth floor), Toronto, Ont., M5J 2S8, or by telephone at 1-416-956-6378 or by e-mail at mailbox.canadianprospectus@cibc.com, by providing the contact with an e-mail address or address, as applicable. The base shelf prospectus and the prospectus supplement contain important, detailed information about the company and the proposed upsized offering. Prospective investors should read the base shelf prospectus and prospectus supplement (when filed) before making an investment decision.

The upsized offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

About Cardinal Energy Ltd.

Cardinal is a Canadian oil and natural gas production company with operations focused on low-decline sustainable oil production in Western Canada. The company's portfolio of conventional and SAGD (steam-assisted gravity drainage) project inventory offers a complementary low-decline, long-life resource base that is ideally suited to sustain our commitment to meaningful dividend returns to shareholders.

We seek Safe Harbor.