Cardinal Energy Ltd. presented the results of its independent reserve report effective December 31, 2020. One hundred percent of Cardinal's year-end 2020 reserves were evaluated by independent reserves evaluator GLJ Ltd. ("GLJ") as at December 31, 2020 (the "2020 Reserve Report"). The 2020 financial information in this press release is unaudited and accordingly, such financial information is subject to change based on the results of the Company's year-end audit. Production volumes averaged 17,169 boe/d in the second quarter of 2020 and as prices recovered, reached an average of 18,625 boe/d in the fourth quarter of 2020 without the benefit of drilling new wells as existing production was optimized and selective shut-in barrels were brought back on stream. Throughout the second half of the year, commodity prices stabilized however there were ongoing restrictions and uncertainty when a second wave of the COVID-19 pandemic hit most countries. WTI oil prices averaged USD 42.66 per bbl in the fourth quarter and closed at approximately $48.50 per bbl, an increase of 74% over the average price experienced in the second quarter of 2020. Oil prices through First Quarter 2021 have continued to strengthen to pre COVID-19 levels with recent spot WTI prices around USD 60 per bbl further improving the long term outlook for Cardinal and the industry.