CJ Cardinal Energy Ltd

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.


Cardinal Energy Ltd. (TSX:CJ) ("Cardinal") is pleased to announce that it has
closed its initial public offering (the "Offering") of 21,428,571 common shares
("Common Shares") at a price of $10.50 per Common Share. The gross proceeds from
the Offering totalled approximately $225 million.


The Offering was underwritten by a syndicate of underwriters co-led by RBC
Capital Markets and CIBC and included GMP Securities L.P., Macquarie Capital
Markets Canada Ltd., Scotiabank and FirstEnergy Capital Corp. (collectively, the
"Underwriters"). 


Cardinal has granted the Underwriters an over-allotment option, exercisable at
any time on or before January 16, 2014, to purchase up to an additional
2,142,857 Common Shares at the offering price of $10.50 per Common Share to
cover over-allotments, if any. If the over-allotment option is exercised in
full, the total gross proceeds of the Offering will be $247.5 million.


The net proceeds from the Offering were used to fund the balance of the purchase
price of Cardinal's acquisition of assets located in Southeast Alberta and to
initially repay outstanding indebtedness under Cardinal's credit facility. 


Cardinal has also entered into a new $125 million syndicated borrowing base
credit facility comprised of a $115 million syndicated extendible credit
facility and a $10 million operating credit facility. The new credit facility is
secured by a first floating charge debenture on all of Cardinal's present and
after acquired property. A copy of the new credit facility will be available on
the SEDAR website at www.sedar.com under Cardinal's profile.


Cardinal's Common Shares are listed on the Toronto Stock Exchange under the
symbol "CJ".


This press release does not constitute an offer of Common Shares of Cardinal for
sale in the United States. The Common Shares have not been, and will not be,
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any U.S. state securities laws and may not be offered or
sold in the United States absent registration or an exemption from the
registration requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or sale would
be unlawful.


About Cardinal Energy Ltd.

Cardinal is a junior Canadian oil focused company built to provide investors
with a stable platform for dividend income and growth. Cardinal's operations are
focused in all season access areas in Alberta. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cardinal Energy Ltd.
M. Scott Ratushny
Chief Executive Officer and Chairman
(403) 216-2706


Cardinal Energy Ltd.
Douglas Smith
Chief Financial Officer
(403) 216-2709


Cardinal Energy Ltd.
Suite 1400, 440 - 2nd Avenue S.W.
Calgary, Alberta  T2P 5E9
(403) 234-8681
(403) 234-0603 (FAX)

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