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Cardinal Energy Staying the Course on 2015 Spending
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Cardinal Energy Ltd. has announced its operating and financial results for the three months ended March 31, 2015.
First Quarter Highlights In the first quarter of 2015 Cardinal decreased unit operating expenses by 10% to $23.20/boe from $25.74/boe in the fourth quarter of 2014. First quarter production increased 77% to 11,023 boe/d compared to the first quarter of 2014. Capital expenditures for the first quarter totaled $2.8 million and were focused on production maintenance as the start of the 2015 drilling program was deferred to the second quarter of 2015 to maximize anticipated costs savings. Guidance ConfirmationThere has been no change to Cardinal's base capital expenditures budget for 2015. The budget is anticipated to result in average and exit production for 2015 of…
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