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Cardinal Energy Ltd. Announces Third Quarter 2023 Operating and Financial Results, Appointment of a New Director, Establishment of Thermal Operating Unit and Our 2024 Budget
Calgary, Alberta--(Newsfile Corp. - November 6, 2023) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal...
About this update from Cardinal Energy Ltd.
[{"type":"text","content":"Cardinal Energy Ltd. Announces Third Quarter 2023 Operating and Financial Results, Appointment of a New Director, Establishment of Thermal Operating Unit and Our 2024 BudgetCalgary, Alberta--(Newsfile Corp. - November 6, 2023) - Cardinal Energy Ltd. (TSX: CJ) (\"Cardinal\" or the \"Company\") is pleased to announce its operating and financial results for the third quarter ended September 30, 2023, the appointment of a new director, the establishment of a thermal operating unit and our 2024 budget.FINANCIAL AND OPERATING HIGHLIGHTS FROM THE THIRD QUARTER OF 2023Third quarter 2023 adjusted funds flow(1) of $81.2 million ($0.51 per share) was 45% higher than the prior quarter due to higher commodity prices, increased production and lower operating costs;Average production volumes in the third quarter of 2023 of 21,872 boe/d were 4% higher than the second quarter of 2023 as the Company recovered from the impact of the northern Alberta forest fires experienced in the second quarter of 2023;Net debt(1) as at September 30, 2023 decreased 19%, over the balance at the end of the second quarter of 2023, to $62.0 million, a reduction of $14.3 million in the third quarter of 2023;Net debt to adjusted funds flow ratio(1) decreased to 0.2x in the third quarter of 2023;Spent $30.3 million on capital expenditures(1) which included the drilling and completion of eight (8.0 net) wells in the Southern and Central Alberta operating areas. (1) See non-GAAP and other financial measures.The following table summarizes our third quarter financial and operating highlights:($000's except shares, per share and operating amounts)Three months ended Sept 30  Nine months ended Sept 30  2023 2022 % Chg  2023 2022  % ChgFinancial Petroleum and natural gas revenue169,533179,441(6) 441,563582,696(24)Cash flow from operating activities58,64798,325(40) 160,956268,578(40)Adjusted funds flow (1)81,23079,6472 189,730294,535(36) per share - basic$ 0.51$ 0.51- $ 1.20$ 1.92(38) per share - diluted$ 0.51$ 0.502 $ 1.19$ 1.87(36)Earnings39,17032,99619 83,210188,822(56) per share - basic$ 0.25$ 0.2119 $ 0.53$ 1.23(57) per share - diluted$ 0.24$ 0.2114 $ 0.52$ 1.20(57)Development capital expenditures (1)28,09223,30121 81,44683,266(2)Other capital expenditures (1)62254414 2,0801,9139Acquisitions, net (1)...