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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is an oil and gas company with operations focused on low decline oil in Western Canada. It is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta, British Columbia, and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. It has over 730 million original oils in place (OOIP) and its low decline production of approximately 3,200 barrels of oil equivalent per day (boe/d) is supported by both water and carbon dioxide (CO2) enhanced oil recovery (EOR). Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large original oil in place (OOIP) pools. Its North area includes Grande Prairie, Clearwater, House Mountain, Mica, and Mitsue properties.


TSX:CJ - Post by User

Post by retiredcfon Nov 05, 2021 11:35am
182 Views
Post# 34092157

Globe & Mail

Globe & MailFor anyone with a longer term investment horizon, now would seem like a good time to add more. GLTA

09:50 AM EDT, 11/05/2021 (MT Newswires) -- Cardinal Energy (CJ.TO) overnight Thursday released its third-quarter results and laid out its 2022 budget plan, which contemplates a return to dividend payouts once the company's net bank debt dips below C$100 million.

Shares of the company dropped 6.3% in early Friday trading.

The company expects to boost average annual production next year by 5% to 7% to approximately 20,000 to 20,500 boe/d. It also eyes generating adjusted funds flow of $200 million to $210 million, of which $90 million to $100 million will be directed to debt repayment.

Cardinal expects its net bank debt to dip below $100 million in mid-2022, allowing it to push through with its plan to reinstate its dividend. It will then further move to reduce its debt in phases up to $50 million, giving it leeway to increase the rate and amount of its dividend payouts.

Cardinal reported third-quarter earnings of $262.3 million or $1.64 per share, swinging from a year-ago loss of $4.7 million or $0.04 per share. Petroleum and gas revenue nearly doubled to $120.0 million from $62.0 million.

Price: 4.77, Change: -0.32, Percent Change: -6.29

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