Moving Forward - Cardinal Energy

1 Moving Forward December 2017. Cardinal Profile Shares Outstanding TSX: CJ. Basic(1) MM. Fully Diluted (excluding debentures) MM. Annual Dividend ($/share) $ H2 2017 average production (boe/d) 21,000. Reserves (Mmboe)(2)(3). Total Proved and Developed Producing ( PDP ) Total Proved ( 1P ) Total Proved Plus Probable ( 2P ) RLI 2P (years) Net Bank Debt (1) $228 MM. Bank line $325 MM. Tax Pools $ B. 1. As at December, 2017. 2. As at December 31, 2016 (Company working interest reserves) 2. 3. See Advisory 2018 Budget $132,000,000. Post Hedging Adjusted Funds Flow $125,000,000. Capital Program $55,500,000. Free Cash Flow $69,500,000. Dividend Debt Repayment Growth Share Buyback Price Assumptions: WTI (USD) $ AECO $ US/CDN FX $ 3. Sensitivities Production Level 21,000 boe/d Annual Adjusted Funds Flow Change WTI +/- US $ $4 million FX +/- USD/CAD $ $ million Aeco +/- $ $ million 4.

2 Organic Growth (1). ($ millions) Drilling & Optimization Facilities Total 2015 14 15 29. 2016 21 20 41. 2017 39 17 56. 2018 38 (1) excludes land, geological and geophysical and corporate capital Low decline enables lower Capex Flat production profile achieved with 40-45% of adjusted funds flow Midale and House Mountain property acquisition adds additional inventory of light oil recompletion, optimization and drilling opportunities 5. Risk Management Hedging 1. Natural gas - 8,500 gj/d at for 2017, 7,333 gj/d at $ for 2018 and 1,000 gj/d at $ for Q1. 2019. 2. WCS differential - 7,500 bbl/d for 2017 at $ and 2,583 bbl/d for 2018 at $ 6. Core Operating Areas Solid Base of Oil Production H2 2017 Budgeted Production North 7200 boe/d (Slave Lake). (House Mountain). (Grand Prairie). Central (Wainwright) 5,500 boe/d South (Bantry) 5,300 boe/d SE Saskatchewan (Midale) 3,000 boe/d 21,000 boe/d 7.

3 North North Operating Area Mitsue Gilwood Unit Slave Lake (Non-operated). Dunvegan House Mountain 8. House Mountain High working interest Operating working interests in 4 units plus non-unit production. Low decline light oil Upside: Op cost reduction Increased water flood performance Frac existing horizontals Horizontal drills from suspended vertical wells 9. Elmworth Dunvegan Pool 102/04 30 71 10W6 Summer 2017 drill Currently in the midst of a 5-6 well horizontal Dunvegan drilling program 3 2. 1 Enhanced Recovery in the form of waterflood to be 6 5 4 pursued next 16 13 71 11W6 Summer 2017 drill Potential Future Drill 10. Elmworth Summer 2017 New Drills vs Type Curve This profile used in 2018 budget forecast 11. Elmworth Dunvegan Type-well Economics Applying the historic average production profile of horizontal wells in this pool, against a $ well cost generates the following BTax economic outputs ($55 WTI.)

4 USD, $ AECO CAD): 92% IRR. year payout $ F&D. recycle ratio lifetime 12. Midale Production, base 2,997 boe/d Opex/boe $ Production, adds 416 boe/d NOI $ MM. Total Production 3,413 boe/d CapEx (excluding A&D) $ MM. Royalty rate FCF $ MM. Lowest decline property, aided by enhanced recovery in the form of CO2 and water injection. Plan to increase CO2 injection ($ MM of CapEx is CO2 cost) during 2018. Capital allocated for 1 new drill in Q3. 410 boepd to be added through the acquisition of an incremental 10%. working interest in the Midale Unit on January 1 (50% cash, 50% equity). 13. Midale Underperformance = Opportunity Underperformance to date Inefficient Injection Hz Injection in Vuggy . Hz production in Marly . Poor vertical permeability Poor conformance Hz's drilled perpendicular to fracture trends Verticals injectors overpressured Low well density 34 acres/well vs 20 at Weyburn Improved recovery factors could lead to 100 MM barrel potential prize 14.

5 Inefficient & Insufficient Injection 15. Central Production, base 5,184 boe/d Opex/boe $ Production, adds boe/d NOI $ MM. Total Production 5,184 boe/d CapEx $ MM. Royalty rate 11% FCF $ MM. Low decline free cash flow generating area No production additions from drilling therefore higher repair and maintenance (op. cost) spending required to hold production level Capital focussed on replacement of aged pipeline infrastructure, injection well conversions, and injection well repairs/optimization 16. Central Despite having no new wells drilled, the Central properties have declined by less than 4% annually since the beginning of 2014. 17. Bantry Type Curve 18. Bantry Drilling - 13 strats (4 Glauc, 5 Ellerslie, 4. both). - Potentially proving up 14 Glauc and 15 Ellerslie locations 19. 2017 ARO Spending & 2018. ARO Budget 2017 Estimated ARO Spending 2018 ARO Budget Zonal abandonments $360,000 2018 Requirements incl IWCP (est) $2,750,000.

6 Abandonments (cut & cap), operated $1,240,000 Other Abandonments/D13 / Non-Op * $1,000,000. Abandonments & D13, non-operated $908,700 Mitsue Asbestos $350,000. Facility Reclamation $508,500 Reclamation & Remediation $700,000. Reclamation & Remediation $515,000 $4,800,000. $3,532,200. 20. Corporate Growth: Ave. annual prod 14%. Exit production 3%. Cash flow 52%. CFPS (basic) 27%. Total net debt held flat at $228 MM prior to dispositions 21. Corporate Information Corporate Headquarters Cardinal Energy Ltd. 600, 400 3rd Avenue Calgary, AB T2P 4H2. Bankers ATB Financial CIBC World Markets Inc. RBC Dominion Securities Inc. Scotia Capital Inc. National Bank of Canada Auditors KPMG LLP. Legal Burnet Duckworth & Palmer LLP. Reserves Sproule Associates Limited GLJ Petroleum Consultants Contacts Scott Ratushny E T Laurence Broos E T 22. Analyst Coverage Firm Analyst Phone Email BMO Nesbitt Burns Ray Kwan 403-515-1500 Clarus Securities Inc.

7 Robert Pare 403-767-0823 FirstEnergy Capital Corp. Cody Kwong 403-262-0600 Haywood Securities Darrell Bishop 403-509-1938 Mackie Research Capital Corp. Mark Heim 403-292-9485 Macquarie Securities Brian Kristjansen 403-539-8508 National Bank Financial Dan Payne 403- 290-5441 Peters & Co Dan Grager 403-261-2243 RBC Capital Markets Shailender Randhawa 403-299-6576 Scotia Capital Patrick Bryden 403-213-7750 TD Securities Aaron Bilkoski 403-299-3294 23. Advisory Forward -looking Statements This presentation contains Forward -looking statements and Forward -looking information (collectively " Forward -looking information") within the meaning of applicable securities laws relating to the Cardinal 's plans and other aspects of Cardinal 's anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward -looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend", "may", "would", "could" or "will" or similar words suggesting future outcomes, events or performance.

8 The Forward -looking statements contained in this presentation speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this presentation contains Forward -looking statements relating to our dividend policy, future payout ratios, capital expenditure plans, future abandonment and reclamation costs, anticipated operating costs, expected development capital, average and exit production, product mix, cash flow, net bank debt, net debt to cash flow, hedging plans, future acquisitions, drilling, completion and optimization opportunities, commodity prices and differentials, exchange rates, Cardinal 's asset base and future opportunities and prospects for development and growth therefrom. Forward -looking statements regarding Cardinal are based on certain key expectations and assumptions of Cardinal concerning anticipated financial performance, business prospects, strategies, regulatory developments, current and future commodity prices and exchange rates, applicable royalty rates, tax laws, future well production rates and reserve volumes, future operating costs, the performance of existing and future wells, the success of its exploration and development activities, the sufficiency and timing of budgeted capital expenditures in carrying out planned activities, the availability and cost of labor and services, the impact of increasing competition, conditions in general economic and financial markets, availability of drilling and related equipment, effects of regulation by governmental agencies.

9 The ability to obtain financing on acceptable terms which are subject to change based on commodity prices, market conditions, drilling success and potential timing delays and dividend re-investment plan and stock dividend plan participation. These Forward -looking statements are subject to numerous risks and uncertainties, certain of which are beyond Cardinal 's control. Such risks and uncertainties include, without limitation: the impact of general economic conditions; volatility in market prices for crude oil and natural gas; industry conditions; currency fluctuations; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition from other producers; the lack of availability of qualified personnel, drilling rigs or other services; changes in income tax laws or changes in royalty rates and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury.

10 Ability to access sufficient capital from internal and external sources and access to markets. Management has included the Forward -looking statements above and a summary of assumptions and risks related to Forward -looking statements provided in this presentation in order to provide readers with a more complete perspective on Cardinal 's future operations and such information may not be appropriate for other purposes. Cardinal 's actual results, performance or achievement could differ materially from those expressed in, or implied by, these Forward -looking statements and, accordingly, no assurance can be given that any of the events anticipated by the Forward -looking statements will transpire or occur, or if any of them do so, what benefits that Cardinal will derive there from. Readers are cautioned that the foregoing lists of factors are not exhaustive. These Forward - looking statements are made as of the date of this presentation and Cardinal disclaims any intent or obligation to update publicly any Forward -looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.