Cardinal Energy Ltd. Announces Monthly Dividend for Januar

CALGARY, Alberta - Cardinal Energy Ltd. ('Cardinal' or the 'Company') (TSX: CJ) confirms that our January dividend of $0.06 per common share will be paid on February 15, 2023 to shareholders of record on January 31, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an 'eligible dividend' for Canadian income tax purposes

About Cardinal Energy Ltd.

Cardinal works to continually improve its Environmental, Social and Governance profile and operates its assets in a responsible and environmentally sensitive manner. As part of this mandate, Cardinal injects and conserves more carbon than it directly emits making us one of the few Canadian energy companies to have a negative carbon footprint. Cardinal is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada.

Contact:

M. Scott Ratushny

CEO

Shawn Van Spankeren

CFO

Laurence Broos

VP Finance

Email: [e-mail]

T: [phone]

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