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02.08.2018 23:25:15

Cardinal Energy Ltd. Announces Second Quarter 2018 Results

CALGARY, Alberta, Aug. 02, 2018 (GLOBE NEWSWIRE) -- (TSX:CJ) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce its operating and financial results for the quarter ended June 30, 2018. The Company's unaudited financial statements and management's discussion and analysis for the quarter ended June 30, 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 second quarter of 2018:Drilled and completed two horizontal multistage fractured Glauconitic channel wells and one horizontal multilateral Ellerslie well in our Bantry, Southern Alberta area with initial rates well above expectations.Cardinal completed the annual review of its credit facility in the quarter and chose to leave the bank line unchanged at a conservative $325 million while extending the term by a year.  We continue to de-lever our balance sheet and expect to have our net bank debt reduced to under $200 million in Q3. Our last royalty disposition is expected to close in Q3 instead of Q2 as previously announced.  Cardinal expects to be able to continue to reduce our net debt in 2018.Second quarter 2018 cash flow from operating activities and adjusted funds flow increased by 69% and 58%, respectively, over the same period in 2017 while adjusted funds flow per diluted share increased by 14% over the same period.Revenue increased 65% in the second quarter of 2018 compared to the second quarter of 2017 which included 29% and 25% increases in light oil and medium/heavy oil realized pricing, respectively.Despite an increasing power and regulatory cost environment, Cardinal maintained its operating costs below first quarter 2018 levels to average $20.81/boe in the second quarter.Total payout ratio was 98% for both the three and six months ended June 30, 2018.Reduced the second quarter 2018 net debt to adjusted funds flow ratio by 44% over the same period in 2017 and by 11% over the first quarter of 2018.Financial and Operating Highlights($ 000's except shares, per share and operating amounts)Three months ended June 30, Six months ended June 30, 2018 2017% Change  2018 2017% Change Financial       Petroleum and natural gas revenue111,847 67,60265  206,626 130,17659 Cash flow from operating activities21,923 12,98669  53,725 28,36989 Adjusted funds flow(1)27,085  17,14458  52,636 31,73066 basic per share0.24 0.229  0.46 0.41  12 diluted per share0.24 0.2114  0.46 0.4015 Earnings (loss)(19,970)1,218n/m  (33,284)8,780n/m basic and diluted per share(0.17)0.02n/m  (0.29) 0.11n/m Dividends declared12,359 9,40631  24,640 17,42441 per share0.105 0.105  -   0.21 0.21  -  Net bank debt (1)213,133 238,652 (11) 213,133 238,652 (11)Exploration and development capital14,059 15,285  (8) 26,859 36,504 (26)Acquisitions, net(963)297,114n/m  (5,992)329,289n/m Total capital expenditures13,620 313,004(96) 21,900 366,712 (94)Weighted average shares outstanding       basic (000s)114,190 79,612 43  113,796 77,59647 diluted (000s)114,190 80,511 42  113,796 78,78244         Operating       Average daily production       Light oil (bbl/d)8,898 3,100187  8,964 2,954203 Medium/heavy oil (bbl/d)8,510 10,014(15) 8,655 9,958(13)NGL (bbl/d)702 703-  681 50335 Natural gas (mcf/d)16,632Full story available on Benzinga.com
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