Cardinal Energy Ltd (Alberta) T.CJ

Average price

[divime1]

of WTI for the quarter was  $ 73.48 .  The differential was about half of what it was in the first quarter ,

[Coopsvw92]

No buybacks or div increases until pricing improves and debt is eliminated.

[CountryBoy69]

I partially agree , they can stuff buybacks , just mgmt financial engineering to reward themselves , a paycheque isn't enough , no div increase is fine on the here and now but a reasonable amount of debt is more than acceptable. Spend their surplus money on land packages or a an accretive aquuistion that improves our aging assets. Now that would be the actions of a responsible mgmt thinking 5

[egee]

Buying land / acquisition is kinda expensive @ this juncture.   The more buybacks the more private it gets,  maybe setting up to be an attractive takeout.

[Pottsy]

Agree Countryboy, however this team has seen some real challenges over the years, remember the stock at 0.34 cents.

[TheWokeLemming]

LOL.   Then CJ becomes another TVE or BTE.  No thanks. 

[CountryBoy69]

Just for clarification as you seem to have alot to say about my post. I never recommended that CJ take on astronomical debt or bust the Piggy Bank and l did say ,landaquisition or an acquisition , don't say it had to be huge , what l said was deploy any money they would uselessly spend on buybacks , that's a total waste of capital but deploy that money , repeat that money to improve our

[TheWokeLemming]

I figured it out fine but disagreed.   No need to be defensive about it this isn't a pis$ing match.   Country boys should have thicker skin. 

[TheWokeLemming]

And for the record I'm no Nuttall fan as he stabbed as CJ shareholders in the back last spring.  However, I do agree with his thesis on returning free cash flow to shareholders.  He wasn't astute enough to follow his own advice and now has two major holdings (TVE and BTE) that have plummeted since making acquisitions.  He now only wishes he had stuck with us to reap the +10%

[JohnnyDoe]

The current dividend is not safe if wti moves into the 60s and stays there so how can you expect them to increase it?  With buybacks they can retain that money and strategically decide when to use it, which ultimately could include using it to sustain the dividend for a quarter or two while prices are lower. 

[TheWokeLemming]

It'll be interesting to see how much FCF they are stashing away.  Then we can judge what they can and can't be doing.