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Cardium Corporation is an upstream oil and gas producer focused on light oil in the Western Canadian Sedimentary Basin. Cardium receives most of its revenue from the sale of oil, natural gas and natural gas liquids. Other revenue is derived mainly from emulsion processing, treating, saltwater disposal fees charged to third parties as well as well operating fees and road use fees.
Cardium's History:
As a private company, Cardium acquired certain oil and gas assets located in east central Alberta on June 17, 2010. All of its exploration and development activities were concentrated in that area until the purchase of certain focused assets located in west central Alberta on July 31, 2012. This Bigoray - Niton area Cardium asset purchase helped increase the production base to over 500 boepd (73% oil) but significantly, has given the company a development inventory of 66 wells in the Cardium and other plays.
Strategy:
Cardium’s strategy is to focus on light oil and build the production base to 3000 boepd through accretive acquisitions, optimization and development drilling.
Short term, the strategy is to focus on monetizing non-core assets such as the Duvernay and the Nordegg. Proceeds from asset sales will be used to reduce debt and undertake a drilling program.
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