Cardinal is also focused on increasing its drilling inventory in both Bantry and Wainwright in this depressed commodity environment. We see various opportunities for drilling, recompletion and water flood optimization on our existing oil pools. We will continue to pursue accretive acquisitions but will remain disciplined in our approach.ĭuring our first quarter of 2015 we were able to integrate all of our 2014 acquisitions and began the process of optimizing the base production and planning future development opportunities on our core assets. Capital expenditures for the first quarter totaled $2.8 million and were focused on production maintenance as the start of the 2015 drilling program was deferred to the second quarter of 2015 to maximize anticipated costs savings.Ĭardinal continues to evaluate acquisition opportunities but still sees a significant gap between buyer and seller's expectations. In the first quarter of 2015 Cardinal decreased unit operating expenses by 10% to $23.20/boe from $25.74/boe in the fourth quarter of 2014.Ĭash flow from operations for the first quarter of 2015 increased 14% to $21.9 million compared to the corresponding period in 2014.įirst quarter production increased 77% to 11,023 boe/d compared to the first quarter of 2014. Cardinal is committed to the sustainability of its dividend and is well positioned for acquisition and other opportunities in 2015. The Company exited the first quarter of 2015 with net debt of $45.9 million (an $8.1 million reduction compared to December 31, 2014) and a net debt to cash flow from operations ratio of 0.5 while maintaining its dividend of $0.07 per share ($0.84 annualized). The simple payout ratio for the quarter was 55% compared to 45% for the fourth quarter of 2014. The Company also announces that its unaudited financial statements and management's discussion and analysis for the quarter ended March 31, 2015, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at and onĬardinal's website at First Quarter HighlightsĬardinal's total payout ratio for the first quarter of 2015 was 68% and it is expected the total payout ratio will be 82% for the year. (" Cardinal" or the " Company") ( CJ.TO) is pleased to announce its operating and financial results for the three months ended March 31, 2015. CALGARY, ALBERTA-(Marketwired - May 11, 2015) - Cardinal Energy Ltd.
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