Cardinal Energy Ltd. Announces Closing of Private Placement

CALGARY, Alberta, Dec. 30, 2020 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. („Cardinal“ or the „Company“) (TSX: CJ) announces that it has closed the non-brokered
private placement (the „Private Placement“) of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units (the „Units“) at a
subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020.