Cardinal Energy Ltd. continues to take a conservative approach to capital spending in 2015. The company have approved a base budget that is anticipated to show average and exit production for 2015 of approximately 11,200 boe/d based on a forecast WTI price of USD 55 per barrel and an exchange rate of 0.80 USD/CAD and including existing 2015 hedges.

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.