Calgary, Alberta--(Newsfile Corp. - December 12, 2024) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") announces it has entered into an agreement with its syndicate of lenders to redetermine and increase its credit facilities ("Facilities"). The Facilities were increased to $275 million (previously $200 million) while the revolving period and maturity date remain the same at May 31, 2025 and May 31, 2026, respectively. Cardinal has received a reserve based lending commitment from a new lender, Trafigura. The increased liquidity will provide additional support for the Company's capital program, including the Company's steam-assisted gravity drainage project in Reford.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to the Company's thermal SAGD oil development project (the "Project") including future production levels and that the Project will improve the long-term sustainability of the Company.

These forward-looking statements are based on certain key expectations and assumptions concerning, among other things, future well production rates and reserve volumes and the Project will be completed on time and on budget. These forward-looking statements are subject to risks and uncertainties, certain of which are beyond Cardinal's control. Such risks and uncertainties include, without limitation: that the Project will not be operational on the time frames contemplated or for the costs contemplated; that the Project will commence operations, without interruptions and at production levels currently contemplated; construction and related risks related to the Project; the impact of general economic conditions; volatility in market prices for crude oil and natural gas; industry conditions; currency fluctuations; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; and environmental risks. Readers are cautioned that the foregoing lists of factors are not exhaustive.

Management has included the forward-looking statements above and a summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Cardinal's future operations and such information may not be appropriate for other purposes. Cardinal's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Cardinal will derive there from.

These forward-looking statements are made as of the date of this press release and Cardinal disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

About Cardinal Energy Ltd.

Cardinal is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. Cardinal differentiates itself from its peers by having the lowest decline conventional asset base in Western Canada. Cardinal is approximately 40% complete on its first thermal SAGD oil development project (the "Project") which will further increase the long-term sustainability of the Company. The Project is expected to add 6,000 bbl/d of oil production to Cardinal by the end of 2025.

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