Cardinal Energy Ltd. announced earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported financial petroleum and natural gas revenue of $63,159,000 compared to $12,246,000 a year ago. Funds from operations were $26,570,000 or $0.46 per diluted share compared to $1,211,000 or $0.08 per diluted share a year ago. Net earnings were $26,879,000 or $0.46 per diluted share compared to $36,433,000 or $2.33 per diluted share a year ago. Development capital expenditures were $9,880,000 compared to $371,000 a year ago. For the year, the company reported financial petroleum and natural gas revenue of $206,685,000 compared to $35,750,000 a year ago. Funds from operations were $95,179,000 or $2.12 per diluted share compared to $9,814,000 or $0.75 per diluted share a year ago. Net earnings were $53,806,000 or $1.20 per diluted share compared to $35,198,000 or $2.70 per diluted share a year ago. Net debt as at December 31, 2014 was $54,065,000 compared to $9,200,000 a year ago. Development capital expenditures were $35,634,000 compared to $6,213,000 a year ago. For the quarter, the company reported crude oil and NGL average daily production of 10,197 bbl/d compared to 1,965 bbl/d a year ago. Natural gas average daily production was 4,147 mcf/d compared to 1,139 mcf/d a year ago. Total operating average daily production was 10,888 boe/d compared to 2,155 boe/d a year ago. For the year, the company reported crude oil and NGL average daily production of 7,102 bbl/d compared to 1,321 bbl/d a year ago. Natural gas average daily production was 4,277 mcf/d compared to 317 mcf/d a year ago. Total operating average daily production was 7,815 boe/d compared to 1,374 boe/d a year ago. As previously announced the Board of Directors has approved a base capital expenditures budget (the budget) that is anticipated to result in average and exit production for 2015 of approximately 11,200 boe/d. The budget deploys total development capital of $30 million and is expected to generate $95 million in cash flow from operations based on a forecast WTI price of $55/barrel, an exchange rate of 0.80 USD/CAD, a differential to WCS of $15.75 and the effect of existing 2015 hedges. The budget achieves a total payout ratio of 82% in this lower commodity price environment.