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11.05.2018 01:23:52

Cardinal Energy Ltd. Announces First Quarter 2018 Results

CALGARY, Alberta, May 10, 2018 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce its operating and financial results for the quarter ended March 31, 2018. The Company also announces that its unaudited financial statements and management's discussion and analysis for the quarter ended March 31, 2018, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Cardinal's website at www.cardinalenergy.ca.Highlights from the first quarter of 2018:Adjusted funds flow increased by 75% and adjusted funds flow per share increased 21% over the same period in 2017.First quarter 2018 operating costs decreased by 9% per boe over the same period in 2017 despite a number of non-recurring expenses.Reduced March 31, 2018 net debt to adjusted funds flow ratio by 15% compared to December 31, 2017 and decreased net debt by 5% over year end 2017 levels.First quarter 2018 crude oil and liquids production increased 3% compared to the fourth quarter of 2017 which included a 9% quarter over quarter increase in light oil production.Our netback increased by 22% from the first quarter 2017 due to increased light oil and NGL production.  Currently weighted 45% light oil and NGLs (Q1 2017 – 20%), with the balance of first quarter 2018 production being 42% WCS priced crude and 13% natural gas.Maintained a total payout ratio below 100%.Expanded our drilling inventory in the Bantry, Midale, Mitsue and Wainwright areas.Financial and Operating Highlights     ($ 000's except shares, per share and operating amounts)Three months ended March 31,  2018  2017 % ChangeFinancial   Petroleum and natural gas revenue   94,779    62,574 51Cash flow from operating activities   32,492    15,383 111Adjusted funds flow(1)   25,551    14,586 75  basic and diluted per share$  0.23 $  0.19 21Earnings (loss) (13,314)   7,562 n/m  basic and diluted per share$     (0.12)$  0.10 n/mDividends declared   12,281    8,018 53  per share$  0.105 $  0.105 -Net bank debt (1) 213,341    94,374 126Exploration and development capital 12,800    21,219 (40)Acquisitions, net (5,028)   28,710  n/mTotal capital expenditures 8,280  49,701 (83)Weighted average shares outstanding     basic (000s)   113,397    75,557 50  diluted (000s)   113,397    76,919 47    Operating   Average daily production     Crude oil and NGL (bbl/d)   18,492    13,009 42  Natural gas (mcf/d) 16,505    12,952 27  Total (boe/d)   21,243    15,168 40Netback(1)     Petroleum and natural gas revenue$  49.57 $  45.84 8  Royalties   8.44    6.39 Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga"