Cardinal Energy Ltd.

Cardinal Energy Ltd.

February 10, 2014 08:48 ET

Cardinal Energy Ltd. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwired - Feb. 10, 2014) - Cardinal Energy Ltd. ("Cardinal") (TSX:CJ) is pleased to announce that it has closed the previously announced private placement (the "Offering") of 2,187,500 common shares ("Common Shares") at a price of $12.80 per Common Share. The gross proceeds from the Offering totalled $28 million.

The Offering was underwritten by a syndicate of underwriters co-led by RBC Capital Markets and CIBC and included GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Scotiabank and FirstEnergy Capital Corp.

The net proceeds from the Offering were used to repay indebtedness incurred by the previously announced acquisition of oil and gas assets in Cardinal's core Bantry area of Alberta which closed on January 28, 2014. The purchase price for the assets was approximately $27 million before customary adjustments.

About Cardinal Energy Ltd.

Cardinal is a junior Canadian oil focused company built to provide investors with a stable platform for dividend income and growth. Cardinal's operations are focused in all season access areas in Alberta. Cardinal's Common Shares are listed on the Toronto Stock Exchange under the symbol "CJ".

Contact Information

  • Cardinal Energy Ltd.
    M. Scott Ratushny
    Chief Executive Officer and Chairman
    (403) 216-2706

    Cardinal Energy Ltd.
    Douglas Smith
    Chief Financial Officer
    (403) 216-2709

    Cardinal Energy Ltd.
    Suite 1400, 440 - 2nd Avenue S.W.
    Calgary, Alberta T2P 5E9
    (403) 234-8681
    (403) 234-0603 (FAX)