Provides 2019 Guidance

Cardinal Energy (Alberta)

28/02/2019 23:08

Feb 28 (Reuters) - Cardinal Energy Ltd  CJ.TO :
    * CARDINAL ENERGY LTD - 2019 BUDGET INCLUDES OPERATING COST
REDUCTION INITIATIVES TARGETING AN 8% REDUCTION IN OPERATING
COSTS WITHIN 2019
    * CARDINAL ENERGY LTD - 2019 BUDGET FORECASTING DEBT
REPAYMENT OF
10% TO 15% OF TOTAL DEBT BY YEAR-END
    * CARDINAL ENERGY-LOW CORPORATE DECLINE RATE IN 2019 BUDGET
ALLOWS
CONSERVATIVE CAPITAL PROGRAM TO KEEP PRODUCTION LEVELS NOW
CURTAILED BY ALBERTA GOVERNMENT
    * CARDINAL ENERGY LTD - DIVIDEND LEVEL TO BE RE-EVALUATED IN
APRIL
2019
    * CARDINAL ENERGY LTD - CONFIRMS THAT IN 2019, IT HAS
PURCHASED
AND CANCELLED MAXIMUM ALLOWABLE OF 10% OF OUTSTANDING BALANCE OF
DEBENTURES
    * CARDINAL ENERGY LTD - 2019 BASE BUDGET IS EXPECTED TO
PRODUCE
ADJUSTED FUNDS FLOW OF APPROXIMATELY $90 TO $100 MILLION
    * CARDINAL ENERGY - FORECASTING TO REDUCE OPERATING
COSTS/BOE
THROUGHOUT 2019 BY ABOUT 8% COMPARING Q1 TO Q4 2019 ESTIMATED
OPERATING EXPENSES

Source text for Eikon:  ID:nGNX6Nq8yn 
Further company coverage:  CJ.TO 

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