Overview

* Cardinal Q3 petroleum and natural gas revenue falls 14% yr/yr

* Adjusted funds flow for Q3 declines 28% yr/yr

* Company invested C$14.4 mln in Reford SAGD project, expecting higher production rates

Outlook

* Cardinal expects Reford SAGD project to boost production rates in Q4 2025

* Company anticipates C$100 mln in adjusted funds flow from Reford in 2026 at US$65 WTI

* Cardinal plans to reinvest in conventional units in 2026 to restore production

Result Drivers

* REFORD SAGD PROJECT - Significant investment in Reford SAGD project, expected to boost future production

* LOWER OPERATING EXPENSES - Decrease in net operating expenses due to less workover activity and lower power costs

* CONVENTIONAL INVESTMENT - Continued investment in conventional oil wells and CO2 sequestration projects

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$127.02

Petroleu mln

m and

Natural

Gas

Revenue

Q3 Cash C$55.49

Flow mln

from

Operatin

g

Activiti

es

Q3 -C$24,05

Operatin 0

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

* Wall Street's median 12-month price target for Cardinal Energy Ltd (Alberta) ( CRLFF ) is C$8.00, about 0.5% below its November 5 closing price of C$8.04

* The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)