Cardinal Energy has entered into an agreement with its syndicate of lenders to extend and increase its credit facilities. The facilities were increased to $200 million (previously $155 million), and the revolving period and maturity date were extended to May 31, 2025 and May 31, 2026, respectively.
In connection with the renewal, Cardinal has received a reserve-based lending commitment from a new lender, Business Development Bank of Canada. The increased liquidity will provide additional support for the company’s announced capital program, including the company’s steam-assisted gravity drainage project in Reford.
