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Cardinal Energy Announces Capex for First Public Year
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Cardinal Energy Ltd. has announced its operating and financial results for the quarter and year ended December 31, 2014 which marked the first full operating year for Cardinal as a public company.
Guidance As previously announced the Board of Directors has approved a base capital expenditures budget that is anticipated to result in average and exit production for 2015 of approximately 11,200 boe/d. The budget deploys total development capital of $30 million and is expected to generate $95 million in cash flow from operations based on a forecast WTI price of USD $55/barrel, an exchange rate of 0.80 $USD/CAD, a differential to WCS of $15.75 and the effect of our existing 2015 hedges. The budget achieves a total payout ratio of 82% in this lower commodity price environment. Management…- ✓ Full news archive — U.S., Canada & international coverage
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