January 24, 2017 / 1:23 PM / 8 months ago

BRIEF-Cardinal announces its 2017 capital budget of $100 mln

Jan 24 (Reuters) - Cardinal Energy Ltd

* Cardinal announces its 2017 capital budget

* Cardinal Energy Ltd - board of directors has approved a $100 million capital expenditure budget for 2017

* Cardinal Energy Ltd - monthly dividend is currently set at $0.035 per share which co expects to maintain throughout 2017

* Cardinal Energy Ltd - has entered into an agreement to acquire certain assets that fall within co’s north (mitsue) operating area

* Cardinal Energy Ltd - acquired assets are light oil focused and are expected to produce an average of 1,000 boe/d in 2017

* Cardinal Energy Ltd - year end 2016 net bank debt is estimated to be $68 million

* Cardinal Energy Ltd - acquisition is expected to increase cardinal’s light oil drilling inventory

* Cardinal Energy Ltd - acquisition will be fully funded through issuance of approximately 4 million common shares of cardinal and a cash payment of $4 million

* Cardinal Energy Ltd - deal for a total purchase price of $41 million

* Cardinal Energy Ltd sees 2017 total production 16,800 boe/d - 17,300 boe/d

* Cardinal Energy Ltd - operating costs are expected to average $19.75 - $20.25 per boe in 2017

* Sees 2017 oil and ngls production 13,900 - 14,300 bbl/d

* 2017 development capital expenditures are anticipated to include drilling 18 horizontal oil wells

* Cardinal Energy Ltd - cash portion of purchase price is expected to be funded through existing working capital Source text for Eikon: Further company coverage:

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