CALGARY, Alberta – Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) Cardinal is pleased to announce it has agreed to a term sheet reflecting extensive discussions with certain existing and new lenders that would provide Cardinal with longer term certainty around its credit facility. These terms are still awaiting formal approvals from the involved parties which are expected to be received by December 15, 2020. Based on the term sheet, the credit facility is expected to be renewed for $225 million with current market terms for a conforming reserve based lending facility.
With strengthening commodity prices, the Company continues to add to its 2021 hedge position to lock-in pricing at attractive levels.