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Laurence Broos
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Press Releases

Cardinal Energy Ltd. announces fourth quarter 2018 year-end financial results

Mar 19, 2019

Calgary, Alberta – Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce its operating and financial results for the fourth quarter and year ended December 31, 2018.


  • Production for 2018 averaged 20,858 boe/d, an 11% increase over 2017. Fourth quarter production averaged 20,365 boe/d, after the Company voluntarily curtailed sales volumes due to low pricing, which impacted production by approximately 1,100 boe/d.
  • Despite curtailed production and increased regulatory and power costs, operating costs per boe moderately increased 1% in the fourth quarter of 2018 compared to the same period in 2017.
  • General and administrative costs per boe decreased 43% in the fourth quarter and 11% in 2018 over the same periods in 2017 due to reduced compensation and administrative costs demonstrating the Company’s commitment to reducing cash costs in a challenging environment.
  • Earnings increased to $84.8 million and $60.5 million for the fourth quarter and year ended December 31, 2018, respectively, predominantly due to a reversal of prior period impairments which was the result of positive reserve additions from the Company’s 2018 drilling program and well performance. 

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