Debt | Production Rates | Hedging | Capital Markets | Drilling Program - Wells | Capital Expenditure - 2017
Cardinal Energy to Drill 18 Wells, Expand Production 20% in 2017
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Cardinal Energy Ltd. announced that its Board of Directors has approved a $100 million capital expenditure budget for 2017.
2017 Production GuidanceExpected to deliver annual average production of between 16,800 – 17,300 boe/d in 2017.
Cardinal 2017 forecast annual average production represents an increase of between 15% and 18% over 2016 annual production guidance of 14,600 boe/d.
2017 Capital BudgetThe major components of the 2017 capital budget of $100 million include
$41 million for the acquisition; $16 million for facilities and pipelines, $32.7 million for the drilling of 18 wells $4 million on environmental and reclamation initiativesSouth Area (Bantry)
Expects to spend $24 million, or 24% of our capital budget, in the Bantry area of Alberta.
Budgeted to drill 9 Glauc…
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