Cardinal Energy Ltd (CJ-T)

He never buys a company on the expectation that it will be bought out. Good exposure to medium-heavy oil. Very manageable debt levels. Older, higher-cost assets, so it needs a higher than average oil price. If you don't care about capital appreciation and just want the juicy dividend, it's not the worst name.

Many energy stocks are going sideways. This is in a trading range, which is not bad and you can hold onto it. Maybe you can be this for a trade or wait for a breakout for the long term.

He owns it in his RRSP because of the dividend. Company's done a decent job. Need oil prices to go up to bring excitement to the stock price. It was noted that the company has a negative carbon footprint. Yield is around 10%.

CJ is always going to be cyclical, but it has a very strong balance sheet and good cash flow. Dividend payout ratio is less than 30%, but cash flow can change quickly if commodity prices drop. But we see no real problem with the dividend, but it is of course not guaranteed, and with 10%+ yield investors do seem concerned. While we are not overly worried, we would not use the word 'safe' for the dividend of any oil and gas stock. Cash flow and earnings will drop this year on lower pricing. The stock is cheap, but with little growth expected we would rate it a HOLD and not a BUY.
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EPS of 10c missed estimates of 15.3c. Revenue of $135M missed estimates of $136.6M. Production was 21.7K b/d day and free cash flow was $28.8M. Its 2023 drill program will renew in the 2Q. Production rose 5%. The balance sheet is now nearly debt free. Earnings are expected to fall this year. The stock is very cheap, but RBC seems to be taking a conservative stance in case prices fall in a recession. We think the 7X valuation already reflects most risk. Payout ratio is <25%, though at an 11% yield investors seem unduly concerned on the dividend. 
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Exposure to medium and heavy grade oil.
Small cap that not many large investors care about.
Dividend is 10% and is very strong (sustainable above $70).
Older assets with abandonment liabilities.
Good name for next 1-2 years if you want yield.