Cardinal Energy Ltd. Provides Capital Spending Guidance and Production Guidance for 2015
The base budget deploys total development capital of USD 30 million and includes Cardinal drilling 6 development wells in Bantry as well as land, seismic and other capital expenditures associated with maintaining base production. The company expects this budget to generate USD 95 million in cash flow from operations. This budget helps to maintain strong balance sheet with net debt to cash flow from operations expected to be 0.6 times at year end including the recently announced Pinecrest acquisition.