The Globe and Mail reports in its Tuesday, March 17, edition that RBC Dominion Securities analyst Rob Mann continues to rate Cardinal Energy "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mann elevated his share target by $1.50 to $11. Analysts on average target the shares at $10. Mr. Mann believes that the momentum within Cardinal Energy's thermal segment, particularly at its Reford 1 steam-assisted gravity drainage oil project in Saskatchewan, remains strong, alongside positive early indicators at its recently approved Reford 2 project. Mr. Mann says in a note, "This year marks the first full-year for the company to showcase the power of its thermal operations coupled with a low-decline conventional asset base, where we expect Cardinal will remain flexible throughout the year with respect to its drilling and completion activities contingent upon commodity price levels." On March 12, Cardinal announced strong fourth quarter results for 2025, reporting a record production of 23,514 barrels of oil equivalent per day. This increase was driven by a faster-than-expected ramp-up at the Reford site. As a result, Cardinal exceeded the upper limit of its full-year production guidance.