Investors bid up Cardinal Energy CJ-T last year in anticipation of the Reford 1 SAGD project coming online.
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On Jan. 12, Reford 1 reached its 6,000 barrels per day nameplate capacity. On Jan. 28, Cardinal announced the go-ahead for Reford 2. To assist with financing, Cardinal closed a $104.7-million offering on Feb. 4 where insiders picked up $3.5-million worth of shares (not on chart).
On Feb. 12, two insiders also bought a total of 4,225 shares in the public market at an average price of $9.49.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.