![]() The majority of Cardinal's second quarter 2020 capital program was focused on our enhanced oil recovery process at Midale, Saskatchewan with our CO 2 injection program. #Cardinal chains level 94 freeNetback after risk management contracts (1)Ī disciplined capital program combined with substantial cost reduction initiatives and an oil price recovery in June allowed the Company to be free cash flow positive in the second quarter, and when combined with a foreign exchange adjustment, we decreased our net debt by $7.1 million over the first quarter 2020 to $222.2 million. Realized gain (loss) on commodity contracts Net debt to adjusted funds flow ratio (1) ($ 000's except shares, per share and operating amounts)Ĭommon shares, net of treasury shares (000s) Reduced our general and administrative costs ("G&A") by 40% over the prior quarter resulting in G&A costs of $1.87/boe andįavorable risk management program hedging over 60% of our remaining anticipated 2020 oil production at attractive prices. Reduced our net operating costs (1) to $14.81/boe which was a $15 million decrease or 39% over the prior quarter due to reduced compensation costs, lower power costs and reduced well reactivation activity Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended Jwhich are available at and on our website at FINANCIAL HIGHLIGHTS FROM THE SECOND QUARTER OF 2020Ĭardinal had second quarter positive free cash flow (1) due to reduced capital expenditures and cost saving initiatives leading to a $7.1 million reduction in net debt (1) over the prior quarter (" Cardinal" or the " Company") (TSX: CJ) is pleased to announce its operating and financial results for the second quarter ended June 30, 2020. ![]() ![]() CALGARY, Alberta, J(GLOBE NEWSWIRE) - Cardinal Energy Ltd. ![]()
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