01:07 PM EDT, 05/27/2024 (MT Newswires) -- Cardinal Energy (CJ.TO) said Monday it increased its credit facilities to $200 million from $155 million and the revolving period and maturity date were extended to May 31, 2025, and May 31, 2026, respectively.

In connection with the renewal, the oil and natural gas company received a reserve-based lending commitment from a new lender, Business Development Bank of Canada.

The increased liquidity will provide additional support for the company's announced capital program, including the company's steam-assisted gravity drainage project.

Cardinal shares were last seen up $0.03 to $6.83 on the Toronto Stock Exchange.

Price: 6.83, Change: +0.03, Percent Change: +0.44