Pure-play Canadian conventional light/medium oil producer with a low-decline base (~22 mboe/d, ~90%+ oil) that funds a consistent monthly dividend (~6% yield); low corporate decline holds sustaining capital down and puts the WTI free-cash breakeven near ~US$45.
Growth pivot is the Reford SAGD thermal project in Alberta, which reached first oil ahead of schedule and underpins higher 2026 capital and production; thermal execution/ramp and oil-price sensitivity are the key swing factors given the single-basin, oil-weighted portfolio.
Its EV/EBITDA of 11.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.0% is lower than the 6.5% median, and at $15.89/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Cardinal Energy Ltd. scores 45/100, strongest on safety (64/100). Sub-scores: value 35, quality 42, growth 40, risk 36 (higher = riskier).
Cardinal Energy Ltd. holds approximately 0.11 billion boe of proved (1P) reserves with FY2025 production of about 22 thousand boe/d (86% liquids), a reserve life of roughly 13.4 years. Break-even: ~$45 (WTI FCF breakeven) — Low-decline conventional base keeps maintenance capital modest; free-cash-flow breakeven (covering sustaining capex and the ~C$0.72/sh monthly dividend) sits near WTI ~US$45/bbl.
For Cardinal Energy Ltd., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Reford | Canada | Thermal oil (SAGD) | New Alberta SAGD project; first oil ahead of schedule, primary growth driver into 2026 |
| Midale | Canada | Conventional light oil | SE Saskatchewan low-decline waterflood core area |
| Bantry | Canada | Conventional medium oil | SE Alberta core light/medium oil |
| House Mountain | Canada | Conventional light oil | Alberta light oil pool, low decline |
| Mitsue | Canada | Conventional light oil | Alberta light oil waterflood |
| Grand Forks | Canada | Conventional light oil | Central Alberta light oil |
| Wainwright | Canada | Conventional medium/heavy oil | Alberta medium/heavy oil assets |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 21 | 21 | 22 | 22 | 22 |
| Proved reserves (bnboe) | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 |
| Revenue ($bn) | 0.3 | 0.4 | 0.3 | 0.4 | 0.4 |
| EBITDA ($bn) | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 |
| Net income ($bn) | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 |
| Free cash flow ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
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✓ FY2025 figures verified against primary sources: