CALGARY, Alberta, Nov. 08, 2022 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company”) (TSX: CJ) is pleased to announce its operating and financial results for the third quarter ended September 30, 2022 and its 2023 budget.
Selected financial and operating information is shown below and should be read in conjunction with Cardinal’s unaudited condensed interim financial statements and related Management’s Discussion and Analysis for the three and nine month periods ended September 30, 2022 which are available at www.sedar.com and on our website at www.cardinalenergy.ca.
FINANCIAL AND OPERATING HIGHLIGHTS FROM THE THIRD QUARTER OF 2022
- In the third quarter of 2022, Cardinal returned $48 million to shareholders comprised of $24 million in dividends and $24 million in common share purchases and cancellations;
- Strong drilling results increased third quarter production by 12% over the same period in 2021 to 21,715 boe/d;
- Petroleum and natural gas revenue increased 50% in the third quarter of 2022 over the same period in 2021 due to a 34% increase in realized commodity prices combined with increased production;
- Third quarter 2022 adjusted funds flow(1) increased to $79.6 million ($0.50/diluted share), a 112% increase over the third quarter of 2021;
- Third quarter free cash flow(1) increased to $56.3 million which enabled the Company to increase our monthly dividend beginning in the fourth quarter;
- Net debt(1) has decreased 71% in the past twelve months leading to a 41% decrease in financing costs in the third quarter compared to the same period in 2021. The financing cost decrease included a 62% decrease in bank debt interest despite higher interest rates;
- The net debt to adjusted funds flow ratio(1) remained low at 0.2x for the third quarter of 2022 with drawn bank debt at the end of the third quarter at $42 million.