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CALGARY, Alberta – ( CJ:TSX ) Cardinal Energy Ltd. (“Cardinal” or the “Company”) is pleased to announce that its Board of Directors has approved an operating and capital budget for 2021 that will focus on debt reduction, maintaining production levels and abandonment and reclamation expenditures. Highlights of 2021 Budget Generates adjusted funds flow of $70 to $75 million; Approximately $40 to $45 million or 55% to 60% of adjusted funds flow will be utilized for debt repayment; Forecasting a 20% reduction in net bank debt by year-end; Executing a conservative capital program of $25 to $30 million focused on reactivations, continued upgrades to our pipeline and facility infrastructure, and increasing CO2 injection at the Midale enhanced oil recovery project; Maintaining average production levels between 17,500 and 18,000 boe/d; and Investment of $5 million for asset retirement obligations (“ARO”) complementing the government subsidy grants. Cardinal’s 2021 conservative budget takes advantage of our low corporate decline rate and focuses on optimizing our long life asset base. The budget includes reactivating and optimizing shut-in production, proactively upgrading our pipeline and facility infrastructure and increasing our CO 2 injection program for our enhanced oil recovery project at Midale, Saskatchewan. 2021 Budget Cardinal’s 2021 […]
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