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Calgary, Alberta–(Newsfile Corp. – November 6, 2023) – Cardinal Energy Ltd. ( TSX: CJ ) (“Cardinal” or the “Company”) is pleased to announce its operating and financial results for the third quarter ended September 30, 2023, the appointment of a new director, the establishment of a thermal operating unit and our 2024 budget. FINANCIAL AND OPERATING HIGHLIGHTS FROM THE THIRD QUARTER OF 2023 Third quarter 2023 adjusted funds flow (1) of $81.2 million ($0.51 per share) was 45% higher than the prior quarter due to higher commodity prices, increased production and lower operating costs; Average production volumes in the third quarter of 2023 of 21,872 boe/d were 4% higher than the second quarter of 2023 as the Company recovered from the impact of the northern Alberta forest fires experienced in the second quarter of 2023; Net debt (1) as at September 30, 2023 decreased 19%, over the balance at the end of the second quarter of 2023, to $62.0 million, a reduction of $14.3 million in the third quarter of 2023; Net debt to adjusted funds flow ratio (1) decreased to 0.2x in the third quarter of 2023; Spent $30.3 million on capital expenditures (1) which included the drilling […]
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