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08.11.2017 01:18:37

Cardinal Energy Ltd. Announces Third Quarter 2017 Results

CALGARY, Alberta, Nov. 07, 2017 (GLOBE NEWSWIRE) -- (TSX:CJ) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce its operating and financial results for the quarter ended September 30, 2017.The Company's unaudited financial statements and management's discussion and analysis for the quarter ended September 30, 2017, 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.Financial and Operating HighlightsCash flow from operating activities increased by 82% to $23.7 million for the third quarter of 2017, up from $13.0 million in the second quarter of 2017.Adjusted funds flow increased to $23.2 million for the third quarter of 2017 an increase of 47% from $15.8 million for the second quarter of 2017.Average production of 21,463 boe/d for the third quarter of 2017, reflecting the first quarter that included the volumes from the light oil acquisition which closed on June 30, 2017. Production increased by 43% from the third quarter of 2016 and our light oil weighting increased to 40% of production from 18%.Netbacks increased 19% in the quarter to $16.80/boe from $14.07/boe in the third quarter of 2016.  Operating costs per boe of $20.38 were down 1% from $20.57 per boe in the second quarter of 2017.  Added 27 net sections of undeveloped land in our core Bantry area which is prospective for Mannville oil.   Our planned divestiture of royalties and fee title lands is progressing, the first of the four planned sale packages has been completed subsequent to quarter end.     Three months ended September 30, Nine months ended September 30, ($ 000's except shares, per share and operating amounts)2017  2016  % Chg  2017 2016 % Chg Financial           Petroleum and natural gas revenue86,022  53,673  60  216,198 137,221 58 Cash flow from operating activities23,719  22,092  7  52,088 51,234 2 Adjusted funds flow(1)23,200  18,177  28  53,567 42,857 25   basic and diluted per share0.21  0.25  (16) 0.60 0.62 (3)Loss(12,070) (4,366) 176  (3,290)(55,327)(94)  basic and diluted per share(0.11) (0.06) 83  (0.04)(0.80)(95)Dividends declared11,584  7,718  50  29,008 21,837 33   per share0.105  0.105  -  0.315 0.315 - Net bank debt (1)243,516  35,148  n/m  243,516 35,148 n/m Exploration and development capital14,048  12,697  11  50,552 26,851 88 Acquisitions, net(437) 671  (165) 300,678 1,006 n/m Total capital expenditures14,284  13,530  6  380,996 28,331 n/m Weighted average shares outstanding       Full story available on Benzinga.com
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