Cardinal Energy agrees to term sheet for updated credit facility

Chicago, Nov. 24 – Cardinal Energy Ltd. has agreed to a term sheet that reflects extensive discussion with certain existing and new lenders for an updated credit facility, according to a press release.

The credit facility is expected to be renewed for C$225 million with current market conditions for a conforming reserve-based lending facility.

With strengthening commodity prices, the company continues to add to its 2021 hedge position to lock in pricing at attractive levels.

Formal approvals are still needed with the expectation that all approvals will be received by Dec. 15.

Calgary, Alta.-based Cardinal Energy is an oil-focused company with operations in Alberta.

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