Cardinal Energy Ltd. is conducting an underwritten public offering of 11,000,000 common shares at $8.65 per share for gross proceeds of $95,150,000, with an over-allotment option for up to an additional 1,100,000 common shares at the same price. After a 4.0% Underwriters’ Fee and estimated offering expenses of $300,000, net proceeds are expected to be $91,044,000, or $100,178,400 if the over-allotment option is fully exercised. Cardinal’s common shares trade on the Toronto Stock Exchange under the symbol “CJ”, and the TSX has conditionally approved the listing of the Offered Shares, subject to requirements being satisfied on or before April 30, 2026.

The underwriting syndicate is led by RBC Dominion Securities Inc. and CIBC World Markets Inc., with ATB Securities Inc., BMO Nesbitt Burns Inc., Peters & Co. Limited and Raymond James Ltd. also acting as Underwriters. Legal matters are being addressed on behalf of Cardinal by Burnet, Duckworth & Palmer LLP and on behalf of the Underwriters by Blake, Cassels & Graydon LLP. Net proceeds will be used to temporarily reduce indebtedness under Cardinal’s Credit Facilities, which may subsequently be redrawn to fund Reford 2 development and related capital. Cardinal’s 2026 budget assumptions include WTI crude oil of US$60.00 per barrel and a US/CAD exchange rate of 0.72, implying an equivalent of approximately C$83 per barrel, with WTI–WCS and WTI–MSW differentials of US$12.50 and US$3.50 per barrel corresponding to approximately C$17 and C$5 per barrel, respectively.