CJ Cardinal Energy Ltd

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES 


Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to
announce that it has adopted a dividend reinvestment plan (the "DRIP") and a
stock dividend program (the "SDP"). Eligible shareholders may elect to
participate in the DRIP or the SDP commencing with the dividend to be paid on
February 17, 2014 to shareholders on record as of January 31, 2014.
Participation in the DRIP or the SDP is optional and will not affect
shareholders' cash dividends unless they elect to participate in the DRIP or the
SDP. 


The following is a summary of the key attributes of the DRIP and the SDP. A
complete copy of the DRIP and the SDP is available on Cardinal's website at
www.cardinalenergy.ca. Shareholders should carefully read the complete text of
the DRIP and the SDP before making any decisions regarding their participation
in the DRIP or the SDP. For further information regarding the DRIP or the SDP,
please contact Valiant Trust Company at 403-233-2801.


The DRIP allows eligible shareholders of Cardinal to reinvest their cash
dividends into additional common shares of Cardinal, which when issued from
treasury will be issued at the Average Market Price (as defined in the DRIP) on
the applicable dividend payment date. Registered and beneficial owners of common
shares who are not a resident in Canada are not eligible to participate in the
DRIP. While it is currently the intention of Cardinal to issue the required
additional common shares through treasury, Cardinal may, from time to time, in
its discretion, direct that such common shares be purchased through the
facilities of the Toronto Stock Exchange ("TSX") at prevailing market prices.
Cardinal also reserves the right to limit the amount of new equity available
under the DRIP on any particular dividend date. No commissions, service charges
or brokerage fees are payable in connection with the purchase of common shares
from treasury under the DRIP. Eligible shareholders who wish to participate in
the DRIP indirectly through the broker or other nominee through which their
common shares are held should consult such broker or nominee to confirm whether
commissions, service charges or other fees (if any) are payable. 


Participation in the DRIP does not relieve shareholders of any liability for
taxes that may be payable in respect of dividends that are reinvested in new
common shares under the DRIP. Shareholders should consult their tax advisors
concerning the tax implications of their participation in the DRIP having regard
to their particular circumstances. 


To participate in the DRIP, registered shareholders must deliver a properly
completed authorization form to Valiant Trust Company (the "Plan Agent"), before
3:00 p.m. (Calgary time) on the business day immediately preceding a dividend
record date. Registered shareholders who wish to participate in the DRIP for the
January 2014 dividend must deliver a properly completed enrollment form to the
Plan Agent no later than 3:00 p.m. (Calgary time) on Thursday, January 30, 2014.
Beneficial shareholders (i.e. owners of common shares that are held through a
nominee) who wish to participate in the DRIP should contact the broker,
investment dealer, financial institution or other nominee who holds their common
shares to inquire about the applicable enrolment deadline and to request
enrollment in the DRIP.


The SDP delivers increased optionality for eligible Cardinal shareholders. While
it is similar to the DRIP, the SDP is expected to have certain favorable income
tax attributes and is available to both eligible Canadian and non-Canadian
shareholders, except that shareholders resident in the State of California are
not eligible to participate in the SDP. 


The SDP enables Cardinal to issue common shares as payment of all or a portion
of dividends declared on the common shares for those shareholders who elect to
receive stock dividends instead of cash dividends. Such stock dividends will be
issued at the Average Market Price (as defined in the SDP) on the applicable
dividend payment date. Cardinal may discontinue the declaration and payment of
stock dividends at any time. Common shares issued pursuant to the SDP will be
issued directly by Cardinal to the Plan Agent on behalf of SDP participants. No
commissions, service charges or brokerage fees are payable in connection with
the issue of common shares under the SDP. Eligible shareholders who wish to
participate in the SDP indirectly through the broker or other nominee through
which their common shares are held should consult such broker or nominee to
confirm whether commissions, service charges or other fees (if any) are payable.


Participation in the SDP will not relieve shareholders of any liability for
taxes that may be payable on dividends. Shareholders should consult their own
tax advisors concerning the tax implementation of their participation in the SDP
having regard for their own personal circumstances.


To participate in the SDP, registered shareholders must deliver a properly
completed stock dividend confirmation notice to the Plan Agent before 3:00 p.m.
(Calgary time) on the business day immediately preceding a dividend record date
in order to receive stock dividends. Registered shareholders who wish to receive
the January 2014 dividend as a stock dividend pursuant to the SDP must deliver a
completed and stock dividend signed confirmation notice to the Plan Agent no
later than 3:00 p.m. (Calgary time) on Thursday, January 30. 2014. Beneficial
shareholders (i.e. owners of common shares that are held through a nominee) who
wish to participate in the SDP should contact the broker, investment dealer,
financial institution or other nominee who holds their common shares to inquire
about the applicable enrolment deadline and to request enrollment in the SDP. 


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. 


Reader Advisory 

This news release does not constitute an offer to sell or the solicitation of an
offer to buy the securities in the United States, in any province or territory
of Canada or in any other jurisdiction. 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 absent an
applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. There shall be no sale of common
shares in any jurisdiction in which an offer to sell, a solicitation of an offer
to buy or a sale would be unlawful.


Forward-Looking Statements

This news release contains forward-looking information that involves known and
unknown risks and uncertainties, most of which are beyond the control of
Cardinal. Forward-looking information in this press release includes, but is not
limited to, Cardinal's dividend policy and the amount of and timing related to
the payment of future dividends. 


The forward-looking information is based on certain key expectations and
assumptions made by Cardinal's management, including expectations and
assumptions concerning prevailing commodity prices, exchange rates, interest
rates, applicable royalty rates and tax laws; capital efficiencies; decline
rates; future production rates and estimates of operating costs; performance of
existing and future wells; reserve and resource volumes; anticipated timing and
results of capital expenditures; the success obtained in drilling new wells; the
sufficiency of budgeted capital expenditures in carrying out planned activities;
the timing, location and extent of future drilling operations; the state of the
economy and the exploration and production business; results of operations;
performance; business prospects and opportunities; the availability and cost of
financing, labour and services; the impact of increasing competition; ability to
market oil and natural gas successfully and Cardinal's ability to access
capital. Management has included the above summary of assumptions and risks
related to forward-looking information provided in this press release in order
to provide securityholders with a more complete perspective on Cardinal's future
operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive.
Additional information on these and other factors that could affect Cardinal's
operations or financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com).


Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking information prove incorrect, actual
results, performance or achievements could vary materially from those expressed
or implied by the forward-looking information. Accordingly, prospective
investors should not place undue reliance on these forward-looking statements. 


These forward-looking statements are made as of the date of this release and,
other than as required by applicable securities laws, Cardinal does not assume
any obligation to update or revise them to reflect new events or circumstances. 


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)
www.cardinalenergy.ca

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