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Cardinal Energy's Production Up 48%
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Cardinal Energy Ltd. has announced its operating and financial results for the three and nine months ended September 30, 2015.
Highlights Production for the third quarter increased by 48% to 11,220 boe/d compared to the third quarter of 2014. Cardinal exited the third quarter with net debt of $71.4 million and a net debt to cash flow from operations ratio of 0.7. Cardinal drilled a total of 2 gross wells (1.75 net) in the third quarter in the Bantry area of Alberta. The wells in the third quarter of 2015 have an average IP 30 daily production rate of 495 boe/d as of October 30, 2015. All wells drilled by Cardinal in 2015 in Bantry (6 gross, 5.75 net), have an average IP 30 daily production rate of 340 boe/d. Subsequent to the end of the quarter, Cardinal closed the acquisition of 3,300…- ✓ Full news archive — U.S., Canada & international coverage
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