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Cardinal Energy Ltd. announces redetermination of credit facility and completion of exchange right

CALGARY, Alberta – Cardinal Energy Ltd. (“Cardinal“) (TSX: CJ) confirms the Company has completed the redetermination of its credit facility in partnership with its syndicate of lenders. Cardinal’s credit facility has been confirmed at $225 million, comprised of a $205 million revolving facility and a $20 million operating facility with the revolving period extended to August 31, 2020 and the credit facility maturing on May 23, 2021. Cardinal   anticipates the credit facility will provide sufficient liquidity to execute on its business plan which is primarily reducing debt through the balance of 2020.

During this period of uncertainty we are focused on controlling as many of our business inputs as possible.  We have hedged a large percentage of our 2020 production and will continue to opportunistically hedge our 2021 production to enable us to further reduce our overall debt levels quarter over quarter.

Exchange Right

Cardinal announces the expiration and closing of the exchange right of debentureholders to exchange their 5.50% convertible debentures due December 31, 2020 for new 8.00% convertible debentures due December 31, 2022. The exchange right expired at 5:00 p.m. Eastern Time on August 4, 2020.

Today, Cardinal exchanged $28.207 million aggregate principal amount of 5.50% convertible debentures validly tendered for exchange for an equal aggregate principal amount of new 8.00% convertible debentures.

Trading of the new 8.00% convertible debentures on the TSX is expected to commence approximately three to four business days following the exchange date under the stock symbol CJ.DB.A.

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