Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Cardinal Energy Seeks to Raise C$225 Million in Initial Offering

Nov. 20 (Bloomberg) -- Cardinal Energy Ltd., a producer of oil in Alberta, filed with regulators to sell about C$225 million ($215 million) of stock in what would be Canada’s largest energy initial public offering in seven months.

Cardinal Energy expects to sell 21.4 million to 22.5 million shares in its IPO, the Calgary-based company said in a Nov. 18 regulatory filing. The shares will be offered for C$10 to C$10.50 apiece in a sale led by Royal Bank of Canada and Canadian Imperial Bank of Commerce.

The energy producer will use the proceeds to help pay for a C$210 million acquisition of oil-and-gas properties in southeast Alberta, the filing said. Cardinal Energy said it began operations in May 2012 with the goal of building a dividend-paying, oil-focused company. The firm plans to pay an annual dividend of 65 cents a share, disbursed monthly, according to the filing.

Cardinal Energy, led by Chief Executive Officer Scott Ratushny, is targeting annual production growth of 5 percent to 10 percent, the firm said.

The company currently produces the equivalent of 5,800 barrels of oil a day, it said in the filing. Including the assets it is acquiring in southeast Alberta, daily output would have amounted to 6,275 barrels for the nine months ended Sept. 30.

Cardinal Energy is purchasing the assets from Penn West Petroleum Ltd. in a deal expected to be completed this year, a person familiar with the sale said last week, requesting anonymity because the plans weren’t public. Ratushny didn’t immediately return a telephone message seeking comment.

Oryx Petroleum Corp. Ltd. raised C$250.5 million from its May 9 sale, the largest Canadian energy IPO this year. The Calgary-based firm’s stock has fallen 6.4 percent since its trading debut.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editor responsible for this story: David Scanlan at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.