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Cardinal Slashes Budget 54% to $31 Million; Majority Spent in Q1
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Cardinal Energy Ltd. reported its plan for 2020 as well as its Q4 2019 results.
2020 PlansCardinal has significantly decreased our capital budget from $67 million to $31 million ($22 million has already been spent, which leaves $9 million left for the year).
This is a decrease of 54% compared to its prior guidance.
As of March 9, Cardinal has suspended drilling and completion operations as well as other capital programs having spent approximately $22 million. This resulted in the drilling and completing of the majority of our Southern area drill program for the year and leaves us currently producing approximately 21,500 boe/d.
2019 Financial Highlights Production for the fourth quarter of 2019 averaged 20,227 boe/d with crude oil production increasing by 1% over the third quarter of…- ✓ Full news archive — U.S., Canada & international coverage
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