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Cardinal Unveils 2018 Budget of $132MM; ~52.6% Allocated for Acquisitions

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   |    Wednesday,December 13,2017

Cardinal Energy released its preliminary 2018 budget and drilling plans. Highlights include:

2018 Capex: $132 million

  • North Area: 37% of capex or $48.84 million
  • South Area: 17% of capex or $22.44 million
  • Central Area: 9% of capex or $11.88 million
  • Saskatchewan: 37% of capex or $48.84 million

Category Breakdown:

  • $18 million drilling wells
  • $20 million on well optimization and production enhancement
  • $17.5 million on facilities and pipelines
  • $69.5 million to pay dividends and fund future acquisitions

 2018 Production Guidance: 21,000 to 21,500 boe/d

2018 Drilling Plans: Plan to drill 13.5 oil wells (~$18 million)

North Area Plans

Cardinal plans to spend 37% of its capex, or $48.84 million in its North Area, which includes the Mitsue, Grand Praire, and House Mountain properties. Currently, it plans to drill 6.5 net horizontal Elmworth Dunregon wells in 2018.

South Area Plans

The company allocated 17% of its capex, or $22.44 million to its South Area which includes Bantry in Alberta. Cardinal plans to drill 6 horizontal oil wells in 2018.

Central Area Plans

Cardinal plans to spend 9% of its capex in its Central Area where most of the money will be used to replace an aging pipeline.

Saskatchewan

The company dedicated 37%, or $48.84 million of its capex to its Saskatchewan assets where it plans to drill 1 gross (.78 net) wells in 2018.

 



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