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#Cardinal chains 80 free

Net debt to Q1 annualized adjusted funds flow ratio (1) ($000's except shares, per share and operatingĬommon shares, net of treasury shares (000s) The following table summarizes our first quarter financial and operating highlights: (1) See non-GAAP and other financial measures

Successful first quarter 2022 drilling program included four Clearwater oil wells, two Dunvegan light oil wells and four wells in our Southern Alberta area has increased current production resulting in Cardinal expecting to exceed production guidance for the year.

First quarter 2022 netback per boe (1) increased to $50.47 while the adjusted funds flow per boe (1) increased to $46.70.

Expect to achieve our phase one debt level target of $100 million and reinstate our monthly dividend in the second quarter of 2022.

Net debt (1) decreased $31 million or 17% from the balance at the end of 2021 to $147.2 million leading to a Q1 net debt to adjusted funds flow ratio (1) of 0.4.

#Cardinal chains 80 free

First quarter 2022 free cash flow (1) increased 46% over the prior quarter to $51.6 million.Adjusted funds flow per share (1) increased by 61% over the prior quarter to $0.58/share and $0.53/diluted share.

Adjusted funds flow (1) increased to a record $86.6 million, a 436% increase over the same period in 2021 and a 62% increase over the prior quarter.First quarter 2022 total production increased 12% over the same period in 2021 with crude oil production increasing by 18%.(" Cardinal" or the " Company") (TSX: CJ) announces its operating and record financial results for the first quarter ended March 31, 2022.įINANCIAL AND OPERATING HIGHLIGHTS FROM THE FIRST QUARTER OF 2022 CALGARY, Alberta, (GLOBE NEWSWIRE) - Cardinal Energy Ltd.