Cardinal Energy Ltd (Alberta) T.CJ

Quick Notes

[JayBanks]

The currently have as much Bank debt as they pay to shareholders every 3 months...

They paid down around 11 million-ish to bank debt in the 4Q which if they keep up that pace is debt free in Q3... (net debt is anouther story as they operate with a capital deficiency that is similar to the bank debt amount)

Debt no longer seems like the main focus of management, they have reduced the payments, reduced the amount drawable and the amount of interest they pay on it... They show bank interest rate for the quarter as 7.3%, (it might be a little lower than that on the current spot as that was averaged, tho we did have a rate increase or 2 also)

Eliminating the debt reduction payments would allow for about 2.4 cents per month increased payouts in the current environment... They show the payout ratio as 89%...

79.11 seems like the average received price and they got 37.09 net back on that... and production continues to rise Q over Q...

Everything I've seen looks good... anyone notice things I missed?

[forecast123]

...somewhere in the announcement...it mentioned possible special dividends as return to shareholders

[JayBanks]

Also let's keep in mind that was Q/year end in December, Q1 ends in 3 weeks and we should have a report on that in 7-9 weeks...

[divime1]

Special dividends is the way to go for stability . That's better than adjusting the regular dividend up and down . Any special dividends will get the stock price a nice boost .