Cardinal Energy Ltd.

CALGARY, Alberta, May 12, 2023 (GLOBE NEWSWIRE) -- (TSX - CJ) Cardinal Energy Ltd. ("Cardinal" or the "Company") held its annual shareholders meeting (the "Meeting") today. A total of 52,335,561 votes representing 33.07% of the total votes entitled to vote at the Meeting, were voted in connection with the matters considered at the Meeting.

Full results for all resolutions are set forth below.

1. Fixing number of Directors

By ordinary resolution passed via ballot, the number of directors to be elected at the Meeting was fixed at five members. The results of the ballot were as follows:

Votes For Percent (%) Votes 
Against Percent (%) 50,410,329 99.87 65,545 0.13

2. Election of Directors

By ordinary resolution passed via ballot, all of the nominees proposed as directors were duly elected as directors of Cardinal to serve until the next annual meeting or until their successors are duly appointed or elected. The results of the ballot were as follows:

Name of Nominee Votes For Percent (%) Votes 
Withheld Percent (%) M. Scott Ratushny 50,261,269 99.57 214,605 0.43 John A. Brussa 47,034,981 93.18 3,440,893 6.82 John Gordon 50,004,333 99.07 471,541 0.93 David D. Johnson 47,322,192 93.75 3,153,682 6.25 Stephanie Sterling 46,665,362 92.45 3,810,512 7.55

3. Appointment of Auditors

By ordinary resolution passed via ballot, KPMG LLP, Independent Registered Chartered Professional Accountants, were appointed as auditors of the Company until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

Votes For Percent (%) Votes 
Withheld Percent (%) 51,380,683 98.40 838,099 1.60

4. Advisory Vote on Executive Compensation

By ordinary resolution passed via ballot, the non-binding advisory resolution concerning Cardinal's approach to executive compensation was approved. The results of the ballot were as follows:



Votes For Percent (%) Votes 
Against Percent (%) 48,574,080 96.23 1,901,794 3.77

About Cardinal Energy Ltd.

Cardinal works to continually improve its Environmental, Safety 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.

For further information:

M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO or Laurence Broos, VP Finance
Email: [email protected]
Phone: (403) 234-8681
Website: www.cardinalenergy.ca