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CRLFF - Cardinal Energy: Suspending Dividend And Reducing Capex To Next To Nothing In An Attempt To Save The Company
Cardinal Energy Ltd
Introduction
I have been a shareholder of Cardinal Energy (CRLFF) for several years and appreciated the company’s dividend cuts to protect the balance sheet a few years ago when the oil prices collapsed. Upon the price of the black gold having returned to normal levels, the dividend was increased again to C$0.18/year. But as the current oil crisis appears to be hitting the Canadian sector very hard (a barrel of heavy oil has fetched a price below US$10/barrel in the past week), Cardinal Energy is once again in survival mode.