May 25 (Reuters) - Cardinal Energy Ltd CJ.TO
* Underwriters will have option to purchase additional
535,000 common shares issued under offering to cover
over-allotments
* Cardinal Energy Ltd says intends to use net proceeds of
offering to initially reduce indebtedness
* Underwriters agreed to purchase for resale to public, on a
bought deal basis, 5.4 million shares for $9.35 per common share
* Following closing of offering, Cardinal expects to
increase its base capital expenditure budget and update its 2016
guidance
* Net bank debt, following closing of offering, is expected
to be approximately $40 million
* Cardinal Energy Ltd. Announces $50 million bought deal
financing
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