Page 1

CARDINAL ENERGY LTD . Cardinal Energy Ltd. Announces Third Quarter 2021 Financial Results and 2022 Operating and Capital Budget CALGARY , Alberta , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- Cardinal Energy Ltd. ( " Cardinal " or the " Company " ) ( TSX : CJ ) is pleased to announce its operating and financial results for the third quarter ended September 30 , 2021 and its 2022 budget . Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis for the three and nine months ended September 30 , 2021 which are available at www.sedar.com and on our website at www.cardinalenergy.ca . FINANCIAL HIGHLIGHTS FROM THE THIRD QUARTER OF 2021 • Increased adjusted funds flow ( 1 ) by 184 % to $ 37.6 million ( $ 0.25 / basic share ) as compared to the third quarter of 2020 ; • Third quarter 2021 free cash flow ( 1 ) increased to $ 21.0 million or 142 % over the third quarter of 2020 leading to a total payout ratio ( 1 ) of 44 % ; • Reduced net bank debt ( 1 ) to $ 187.5 million despite incurring approximately $ 15.3 million of additional net bank debt on the acquisition of Venturion Oil Limited ( " Venturion " ) ; • Continued with our disciplined capital program spending $ 17.5 million of capital expenditures which included the drilling of five ( 4.0 net ) wells ; • Closed the corporate acquisition of Venturion adding approximately 2,400 boe / d of low decline production ( 83 % oil ) ; ( 1 ) See non - GAAP measures The following table summarizes our third quarter 2021 operating and financial highlights : Three months ended Sept 30 , Nine months ended Sept 30 , ( $ 000's except shares , per share and operating amounts ) 2021 2020 % Chg 2021 2020 % Chg Petroleum and natural gas revenue 120,007 61,982 94 Cash flow from operating activities 37,410 18,950 97 304,660 73,148 157,166 94 30,715 138 Adjusted funds flow ( 1 ) 37,563 13,206 184 79,012 30,219 161 per basic share $ 0.25 $ 0.12 108 $ 0.56 $ 0.27 107 per diluted share Earnings ( Loss ) per basic share $ 0.23 $ 0.12 92 $ 0.52 $ 0.27 93 262,326 ( 4,659 ) n / m 245,460 ( 483,149 ) n / m $ 1.76 $ ( 0.04 ) n / m $ 1.74 $ ( 4.26 ) n / m per diluted share $ 1.64 $ ( 0.04 ) n / m $ 1.63 $ ( 4.26 ) n / m ( 1 ) Development capital expenditures 16,532 4,510 267 32,467 27,068 20 Other capital expenditures ( 1 ) 301 232 30 872 871 Property acquisitions , net 694 n / m 4,028 n / m Total capital expenditures 17,527 4,742 270 37,367 27,239 34 Corporate acquisition 47,641 n / m 47,641 n / m Common shares , net of treasury shares ( 000s ) Bank debt Adjusted working capital deficiency Net bank debt ( 1 ) 150,332 113,496 32 32 170,229 17,238 187,467 204,018 ( 17 ) 10,898 214,916 58 ( 13 )