2024-03-18 10:30:00 ET
Summary
- Cardinal Energy is in a better place after cleaning up its balance sheet and pursuing a low-risk heavy oil project in Canada.
- The company reported a decent performance in Q4 2023, with a focus on heavy oil production.
- Cardinal Energy expects strong cash flow in 2024, with anticipated production and a robust free cash flow after growth investments.
Introduction
I have liked Cardinal Energy ( CJ:CA ) ( OTCPK:CRLFF ) for years now and during the COVID pandemic, when the oil price traded close to zero, I bought a position in Cardinal Energy’s debentures at less than 40 cents on the dollar . All debentures were repaid and I didn’t have any position in Cardinal Energy for a while but I re-initiated a long position again in 2023 as the company has cleaned up its balance sheet and is pursuing growth again with what appears to be a low-risk heavy oil project in Canada....
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Cardinal Energy: An 11% Dividend Yield From A Heavy Oil Company