Market Overview

Cardinal Energy Ltd. Announces Reserves and Fourth Quarter and 2017 Year-End Results

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CALGARY, Alberta, March 20, 2018 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce its operating and financial results for the quarter and year ended December 31, 2017 as well as its 2017 year end reserves.

2017 Financial Highlights

  • Achieved an all in total payout ratio of 98% in Q4 2017 despite accelerating planned Q1 2018 development activity into 2017.
  • Fourth quarter 2017 operating costs per boe decreased 12% to average $20.34 per boe as compared to the same period in 2016.
  • Netbacks improved 52% in the fourth quarter and 70% for 2017, respectively over the same periods in 2016, to average $22.64/boe and $18.36/boe.
  • Achieved a 151% increase in cash flow from operating activities and a 75% increase in adjusted funds flow during the fourth quarter compared to the same period in 2016.  For 2017, cash flow from operating activities and adjusted funds flow increased 26% and 39%, respectively, compared to 2016.
  • Increased annual production by 28% and fourth quarter production by 43% which included a 39% increase in crude oil production compared to 2016.  
  Three months ended December 31,   Year ended December 31,
($ 000's except shares, per share and operating amounts) 2017   2016   % Change     2017   2016   % Change  
Financial              
Petroleum and natural gas revenue 97,646     58,721     66       313,844   195,942     60  
Cash flow from operating activities 24,442   9,728   151     76,530   60,962   26  
Adjusted funds flow (1) 28,421   16,247   75     81,988   59,104   39  
basic and diluted per share 0.26   0.22   18     0.86   0.84     2  
Loss (54,307 ) (31,995 ) 70     (57,597 ) (87,322 ) (34 )
basic and diluted per share (0.49 ) (0.43 ) 14     (0.61 ) (1.25 ) (51 )
Dividends declared 11,896   7,747   54     40,904   29,584   38  
per share 0.105   0.105   -     0.420   0.420   -  
Net bank debt (1) 225,967   70,300   n/m     225,967   70,300   n/m  
Exploration and development capital 15,901   14,510   10     66,453   41,361   61  
Acquisitions, net (15,661 ) 33,229   (147 )   313,191   34,235   n/m  
Total capital expenditures   759   47,927     (98 )   381,756   76,258   n/m  
Weighted average shares outstanding              
basic and diluted (000s) 110,446   73,728   50     94,113   70,097   34  
               
Operating              
Average daily production              
Crude oil and NGL (bbl/d) 17,943   12,586   43     15,802   12,771     24  
Natural gas (mcf/d)   18,032   12,178   48     17,431   11,042   58  
Total (boe/d)   20,948   14,616   43     18,707   14,611   28  
Netback(1)              
Petroleum and natural gas revenue   50.66   43.67   16     45.96   36.64   25  
Royalties   7.68   5.57   38     6.67   4.61   45  
Operating expenses   20.34   23.24   (12 )   20.93   21.23   (1 )
Netback   22.64   14.86   52     18.36   10.80   70  
Realized gain (loss)   (2.82 ) 0.09   N/A     (2.22 ) 3.08  
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