South District

This operating area is located southeast of Calgary near the town of Brooks, Alberta. The South District produces medium gravity crude, as well as liquids rich natural gas. Cardinal owns and operates a significant infrastructure system, including several oil and natural gas processing facilities, within this area. The Company has grown this area through numerous strategic acquisitions and development drilling. Production is budgeted to average ~5,900 boepd in 2024.

Ellerslie Multilaterals
The development focus within our South District continues to target horizontal 3-leg multilaterals in Ellerslie. Since 2018, these wells have delivered on average some of the best production results in the Company.

Area 2024 Budget & Statistics

Netback

($78MM-$83MM)
 
25%

Capex

($26MM)
 
24%

P FCF*

($52MM-$57MM)
 
26%

Production

(5,850-5,900 boe/d)
 
26%

Drilling Inventory

(# potential Tier 1 locations)
 
23

*P FCF (Property Free Cash Flow) = Net Operating Income Less Capital Expenditures