Market Overview

Cardinal Energy Ltd. Announces Third Quarter 2017 Results

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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 Highlights

  • Cash 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 revenue 86,022     53,673     60     216,198   137,221   58  
Cash flow from operating activities 23,719     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 share 0.21     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 declared 11,584     7,718     50     29,008   21,837   33  
  per share 0.105     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 capital 14,048     12,697     11     50,552   26,851   88  
Acquisitions, net (437 )   671     (165 )   300,678   1,006   n/m  
Total capital expenditures 14,284     13,530     6     380,996   28,331   n/m  
Weighted average shares outstanding              
  basic (000s) 110,278     73,501     50     88,610   68,878   29  
  diluted (000s) 110,278     73,501     50     88,610   68,878   29  
               
Operating              
Average daily production              
  Crude oil and NGL (bbl/d) 18,355     13,027     41     15,080   12,833   18  
  Natural gas (mcf/d) 18,650     11,578     61     17,228   10,660   62  
  Total (boe/d) 21,463     14,957     43     17,951   14,610   23  
Netback(1)              
  Petroleum and natural gas revenue 43.56     39.01    
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