Cardinal Energy Reports 2022 Year-End Reserves
06:29 AM EST, 02/28/2023 (MT Newswires) -- Cardinal Energy Ltd. (CJ.TO) after trade Monday presented its 2022 year-end reserves, which include a year-over-year increase in proved developed producing reserves.
PDP reserves rose to 78 million barrels of oil equivalent, representing a 4% increase year over year, the company said. PDP reserves were added at finding, development and acquisition costs of $12.03/boe, resulting in a recycle ratio of 4.1 times.
Cardinal also reported an 8% increase in PDP reserves per diluted share and a 34% increase in the associated PDP net present value, discounted at 10% of reserves, per diluted share.
On a proved plus probable basis, Cardinal's reserves rose to 113 million boe, a 2% increase year over year.
Cardinal said 91% of its proved plus probable reserves are associated with oil and natural gas liquids.