Cardinal Energy Ltd. Announces Director Appointment and Dividend Policy
08 Gennaio 2014 - 1:13AM
Marketwired
Cardinal Energy Ltd. Announces Director Appointment and Dividend
Policy
CALGARY, ALBERTA--(Marketwired - Jan 7, 2014) - Cardinal Energy
Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce
that Mr. Greg Tisdale has joined its Board of Directors effective
today. Mr. Tisdale is the Chief Financial Officer of Crescent Point
Energy Ltd., a role he has held since 2004. During the past ten
years he has managed all aspects of Crescent Point's finances. Mr.
Tisdale has worked in the oil and gas industry since 1995 and has
served and currently serves on the board of directors of several
junior oil and gas companies. Mr. Tisdale holds a Bachelor of
Commerce degree (with distinction) from the University of Alberta
and is a Chartered Accountant.
Cardinal also announces that its Board of Directors has approved
a current dividend policy of $0.05417 per common share per month
for the first quarter of 2014, based on the current economic
conditions of its business. Cardinal's long-term objective is to
set a dividend policy at prudent levels while withholding
sufficient funds to finance capital expenditures required to grow
its production base by a target of 5% to 10% annually. This in
turn, is expected to provide a stronger base of cash flow leading
to consistent dividends into the future. Cardinal's dividend policy
is reviewed monthly and is based on a number of factors including
current and future commodity prices, foreign exchange rates, the
Company's hedging program, current operations including production
levels, operating costs, royalty burdens and debt service
requirements, available investment opportunities and the
satisfaction of applicable corporate liquidity and solvency tests
for the declaration and payment of dividends.
Cardinal has declared this dividend to be paid on February 17,
2014 to shareholders of record on January 31, 2014 with an
ex-dividend date of January 29, 2014. The Board of Directors of
Cardinal has declared the dividend payable in either cash or common
shares at the election of the shareholder. This dividend has been
designated as an "eligible dividend" for Canadian income tax
purposes.
Record Date |
Payment Date |
Dividend per Common Share |
January 31, 2014 |
February 17, 2014 |
$0.05417 |
February 28, 2014 |
March 17, 2014 |
$0.05417* |
March 31, 2014 |
April 15, 2014 |
$0.05417* |
* The above reflects an anticipated dividend based on
Cardinal's currently projected commodity prices, commodity hedge
positions and production volumes. Dividends are subject to change
should there be a material change in forecasted funds from
operations for the respective periods. |
Cardinal also announces that it has adopted a dividend
reinvestment plan (the "DRIP") and a stock dividend program (the
"SDP") which is expected to be in place commencing with the
dividend to be paid on February 17, 2014 to shareholders on record
as of January 31, 2014.
About Cardinal Energy Ltd.
Cardinal is a junior Canadian oil focused company built to
provide investors with a stable platform for dividend income and
growth. Cardinal's operations are focused in all season access
areas in Alberta.
Forward-Looking Statements
This news release contains forward-looking information that
involves known and unknown risks and uncertainties, most of which
are beyond the control of Cardinal. Forward-looking information in
this press release includes, but is not limited to, Cardinal's
dividend policy, the amount of and timing related to the payment of
future dividends, expectations regarding consistency of future
dividends, plans to grow Cardinal's production base by a target of
5% to 10% annually, future cash flow and the timing of the
implementation of Cardinal's DRIP and SDP.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking information
prove incorrect, actual results, performance or achievements could
vary materially from those expressed or implied by the
forward-looking information. Accordingly, prospective investors
should not place undue reliance on these forward-looking
statements. These forward-looking statements are made as of the
date of this release and, other than as required by applicable
securities laws, Cardinal does not assume any obligation to update
or revise them to reflect new events or circumstances.
Cardinal Energy Ltd.M. Scott RatushnyChief Executive Officer and
Chairman(403) 216-2706Cardinal Energy Ltd.Douglas SmithChief
Financial Officer(403) 216-2709Cardinal Energy Ltd.(403)
234-8681(403) 234-0603
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